Tuesday, 02 January 2024 12:17 GMT

Tariff Pe Tariff: Trump Renews Trade Tension. This Time Targets Pharma, Large Trucks And More


(MENAFN- Live Mint) Donald Trump is on a roll with imposing tariffs and the US President seems to be in no mood to stop.

The latest blow comes amid Trump's repeated threats to impose up to 250 per cent tariffs on pharmaceuticals, with the US President finally declaring a 100 per cent levy on branded and patented pharmaceutical products.

The latest tsunami of tariffs will affect medicine prices, homebuyers, and logistics sector in the US, and will take effect on October 1.

Announcing the decision on Truth Social, Donald Trump said,“Starting October 1st, 2025, we will be imposing a 100% Tariff on any branded or patented Pharmaceutical Product, unless a Company IS BUILDING their Pharmaceutical Manufacturing Plant in America.“IS BUILDING” will be defined as,“breaking ground” and/or“under construction.” There will, therefore, be no Tariff on these Pharmaceutical Products if construction has started.”

Full list of Trump tariffs announced today

The Trump tariffs announced today start from the range of 25 per cent and go up to 100 per cent. Here is a full list:

  • Pharmaceuticals : 100 per cent tariff on branded or patented products, companies with manufacturing plants in US spared.
  • Kitchen cabinets : 50 per cent tariffs.
  • Bathroom vanities and related products : 50 per cent tariffs on imported items.
  • Upholstered furniture : 30 per cent tariffs.
  • Heavy trucks : 25 per cent tariffs.

Announcing tariffs for kitchen cabinets, bathroom vanities and related products, Trump said,“The reason for this is the large scale“FLOODING” of these products into the United States by other outside Countries.”

Similarly, he said that the tariffs on heavy trucks were being imposed to protect the US'“Great Heavy Truck Manufacturers from unfair outside competition”.

(This is a developing story. Check back for updates)

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