Trump Announces Tariffs on Drugs, Furniture, Trucks

President Donald Trump announced a package of import tariffs that will take effect Oct. 1, imposing 100% duties on branded or patented pharmaceuticals (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 the “flooding” of foreign goods, posting the orders on Truth Social and citing protection for truck makers such as Peterbilt, Kenworth and Freightliner. Markets and industry groups reacted quickly, with shares of truck- and furniture-related companies falling and trade groups warning of supply-chain disruption. Analysts and officials warned the tariffs could push consumer prices higher and add to inflationary pressure—Federal Reserve Chair Jerome Powell has said rising goods costs account for much of recent inflation. Observers said the moves threaten major exporters, notably India’s pharmaceutical sector, and flagged unresolved questions about legal authority and implementation, including whether Section 232 investigations have been completed and how exemptions will apply. Potential USMCA sourcing complications for trucks and the unclear legal basis leave significant economic and political uncertainty ahead.