Trump's New Tariff Plan Targets Pharmaceuticals, Furniture, and Trucks

President Donald Trump has announced a sweeping new tariff plan, imposing significant import taxes on various goods starting October 1. This includes a 100% tax on pharmaceuticals, 50% on kitchen cabinets and bathroom vanities, 30% on upholstered furniture, and 25% on heavy trucks.

Despite previous concerns about his tariff policies, Trump believes these measures will help reduce the government's budget deficit by boosting domestic manufacturing. However, experts warn that the new tariffs could exacerbate inflation, which is already high, and potentially hinder economic growth, adding uncertainty for employers.

Trump clarified that the pharmaceutical tariffs will not be applicable to companies building manufacturing plants in the U.S. He justified the tariffs on furniture and trucks by citing national security concerns and harm to domestic producers caused by the flood of foreign-made products.

(With inputs from agencies.)