Trump Announces Tariffs on Branded Pharmaceuticals, Furniture, Trucks

President Trump announced on Truth Social that, effective Oct. 1, the U.S. will impose tariffs of 100% on branded or patented pharmaceutical products (with an exemption for companies building U.S. plants), 50% on kitchen cabinets and bathroom vanities, 30% on upholstered furniture and 25% on heavy trucks. He framed the measures as necessary for national security and to protect U.S. manufacturers from a large-scale “flooding” of foreign products and “unfair outside competition.” Analysts and officials warned the tariffs could push consumer prices higher, stoke inflation and weigh on growth and hiring, and markets reacted with shares of affected companies tumbling in after-hours trading. The moves threaten supply chains and major exporters — including India’s pharmaceutical sector and global truck and furniture producers — and prompted industry groups and foreign governments to seek formal guidance. The White House has not specified the legal authority it will use (such as Section 232) or how exemptions will apply to companies with existing U.S. facilities, raising the prospect of legal challenges and prolonged economic fallout.