To put tariffs on trump cabinets, furniture, pharmaceuticals and heavy trucks
US President Donald Trump said on Thursday that he would import 100 percent on pharmaceutical drugs, put 50 percent on kitchen cabinets and bathroom vanity, 30 percent on upholstered furniture and 25 percent on heavy trucks starting on Wednesday.
His social media site Truth Social Social posts did not mention whether the new Levi would pile on the top of the current national tariff, but he said that Trump’s devotion to tariff was not finished with trade structure and import taxes, which have already been launched this year, including the announcement of a liberation day in April, including the markets.
Additional tariffs have accelerated American inflation that has already raised, as well as slowing down economic growth, as employers are struggling with new levels of uncertainty to use Trump to be used for previous import taxes.
Federal Reserve President Jerome Powell recently warned at a news conference, “We have started looking at the prices of goods in more inflation.”
The consumer price index has increased by 2.9 percent in the last 12 months, at an annual speed of 2.3 percent in April, when most tariffs were kicked.
Powell stated that this year high cost for “most” or potentially “all” for the increase in inflation levels.
“There is no inflation,” Trump told reporters on Thursday. “We are achieving incredible success.”
Tariffs add another challenge to countries interacting with the Trump administration including Canada and Mexico.
In June, Trump doubled his tariff on steel and aluminum. While tariffs apply to all imports, Canada is the top supplier of both metals for America
Trump also did not conform to the current Canada-colored state of America-Maxico Agreement (CUSMA) in August, adding 50 percent tariffs to the existing Canada-Maxico Agreement (CUSMA), and 50 percent on some copper imports.
‘Inappropriate, unfair’
Pascal Chan, vice -president for strategic policy and supply chains at the Canadian Chamber of Commerce, warned that pharmaceutical tariffs can harm the health of Americans “immediate price increase, stressful insurance systems, hospital deficiency and essential drug rationing or ex -drug rationing or actual risk of forever patients.
Tax credits that have made health insurance more cheap in the US are already slapped to end at the end of the year without intervention and are a glued point in the form of a possible official shutdown loom next week. Credit has applied for people with low and moderate income who buy health insurance through cheap care acts.
When investors reacted, stocks of pharmaceutical companies collapsed across Asia on Friday.
Prime Minister Mark Carney said in August that the counter-tariff would be removed on American goods ‘especially covered under Kusma’. But a notice posted online suggests that Canada has removed all anti -counterfeit tariffs, meaning that the Canadian policy is not absolutely mutual, as the government suggested.
In Australia, Health Minister Mark Butler told reporters that the government was working to understand the implication of the new “inappropriate, unfair tariffs after 20 years of free trade.”
Trump said on the truth social that pharmaceutical tariffs will not apply to companies that are building manufacturing plants in the United States, which they have either defined or under construction as “braking ground”. It was not clear how tariffs would apply to companies that are already factories in America
Pharmaceutical Research and Manufacturers of America, an industry group, stated that companies “continue to announce hundreds of billions in new American investments. Tariffs risk those plans.”
In 2024, the US imported about 233 billion dollars in drugs and medicinal products, according to the Census Bureau.
Ottawa morning7:55Ottawa Aluminum Company is feeling the brunt of US tariff
Half the year after the US slaps tariffs on aluminum products from Canada, we hear what the consequences of the trade war on Aldg aluminum depot Gatinue-Otawa.
US Chamber warns against truck tariff
Trump said that foreign manufactured heavy trucks and parts are harming domestic producers.
He wrote that “manufacturers such as Peterbilat, Kenworth, Freightlineer, Mac Truck and others will be protected from external obstacles attack,” he wrote.
The US Chamber of Commerce first urged the department not to implement the new truck tariffs, keeping in mind the top five import sources, Mexico, Canada, Japan, Germany and Finland, “All are allies or close partners of the United States who are no threat to American national security.”
New tariffs on the cabinet can further increase the cost for home builders, when many people feel to buy houses and buy out of the mixture of high mortgage rates to those wishing to buy a house.
In relation to furniture, about 60 percent of imports came from Vietnam and China in 2024, today, according to furniture, a business publication.
The central banks typically increase interest rates to achieve prices in control during inflation, but the Bank of Canada and the US Federal Reserve only cut rates. Andrew Chang explains how Trump’s tariff and a falling job market led the same conflict point for the duality economies of the countries. Getty images, images provided by Canadian press and Reuters.
Trump said that furniture and cabinet foreign manufacturers were flooding the United States with their products and tariffs should be “implemented for national security and other reasons.”
Trump’s administration has reduced the impact on consumer prices and postponed tariffs as an important revenue source, Treasury Secretary Scott Besent said Washington could collect $ 300 billion US by the end of the year.
There is evidence that tariffs are constructing more construction of factory jobs or manufacturing facilities. Since April, the US Bureau of Labor Statistics has reported that the manufacturers have cut 42,000 jobs and the builders have reduced it to 8,000.
Trump did not provide legal justification for tariffs in his social media post.
Earlier this year, his broad country-by-country tariffs depended on the 1977 International Emergency Economic Powers Act. Two federal courts said that Trump’s tariff policies crossed his authority as President, but the Supreme Court heard arguments on the matter in the early session of November.
