Trump Announces New Tariffs: A 100% Tax on Drugs and More Starting October 1

On Thursday, US President Donald Trump revealed significant new tariffs on a variety of products imported into the United States, which are set to take effect on October 1. Through his Truth Social platform, Trump detailed that these tariffs would see a 100% tax on drugs, 50% on kitchen and bathroom furniture, 30% on upholstered furniture, and 25% on trucks. Trump clarified that the tariffs levied on drugs would not apply to pharmaceutical companies that either already have production facilities in the U.S. or are in the process of establishing them. The justification for these tariffs, according to Trump, lies in the need to protect American manufacturing in the face of a flood of foreign products, which he claims poses a threat to national security. As of now, Trump has not clarified whether the new tariffs will impact goods imported from countries with which trade agreements were signed in the recent past, such as Japan, the United Kingdom, and the European Union. This is particularly relevant since many major pharmaceutical multinationals have their headquarters in these regions. Additionally, it is notable that an agreement was reached with the European Union in July that mandates the U.S. impose a 15% tariff on most imports from the EU, including products from the pharmaceutical sector. The ongoing developments raise critical questions about the future of international trade relations and the implications for U.S. consumers and industry. Related Sources: • Source 1 • Source 2