US Imposes 100% Pharma, Trucks, Furniture Tariffs

President Donald Trump announced industry-specific import duties set to take effect Oct. 1, including a 100% tariff on any branded or patented pharmaceutical product (waived only for companies that have broken ground or are already building U.S. plants), a 25% duty on heavy trucks, a 50% tariff on kitchen cabinets and bathroom vanities, and 30% on upholstered furniture. He framed the measures as steps to strengthen domestic manufacturing and national security and has cited Section 232 investigations as part of the legal underpinning, though detailed legal justifications and exemption rules remain unclear. Global markets reacted, with shares of major truckmakers falling, and analysts warned the levies could be passed through to consumers, raising goods inflation and slowing hiring. Policymakers and the Federal Reserve have cautioned that higher import costs are already contributing to rising goods inflation and that repeated tariff actions are increasing economic and business uncertainty. The tariffs pose particular risk to major exporters — including Indian drugmakers — and may force companies to accelerate U.S. factory projects, but many announced expansions may not prevent near-term medicine price increases or supply disruptions.