Trump Announces Sweeping Import Tariffs

President Trump announced sweeping import tariffs to take effect Oct. 1, including 100% on branded pharmaceuticals (waivable for firms that have begun U.S. plant construction), 50% on kitchen cabinets and bathroom vanities, 30% on upholstered furniture and 25% on heavy-duty trucks. He framed the levies as necessary for national security to curb “flooding” and protect U.S. manufacturers, citing Section 232 investigations while leaving exemptions and legal bases unclear. The announcements rattled markets, with Asian stocks falling and furniture and retail shares hit, while manufacturers such as PACCAR/Peterbilt/Kenworth, Daimler/Freightliner and Mack were named as beneficiaries or targets. Business groups including the U.S. Chamber of Commerce warned the measures would raise costs and create uncertainty. Analysts cautioned the tariffs could pass through to higher consumer prices, overlap with existing steel and aluminum measures, and damp hiring and investment.