BUSINESS

New US tariffs hit pharmaceuticals, cabinets, furniture and trucks

President Trump announced significant new import taxes set to begin October 1st, including 100% on pharmaceuticals, 50% on kitchen cabinets, and 25% on heavy trucks. Trump claims these tariffs aim to reduce the budget deficit and boost domestic manufacturing, citing national security as justification for some. The move adds uncertainty to the U.S. economy, potentially raising consumer prices and impacting inflation, a concern echoed by Federal Reserve Chair Jerome Powell. The pharmaceutical tariffs, in particular, could double medication costs and face legal challenges similar to previous actions.

Reviewed by JQJO team

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