Trump's Tariff Turmoil: Impacting Global Trade and Industries

U.S. President Donald Trump on Thursday revealed new import tariffs, imposing 100% duties on branded drugs and 25% on heavy-duty trucks, creating fresh trade uncertainty after a calm period. The move intends to safeguard U.S. manufacturing and security, continuing earlier high tariffs on trading partners and specific products like steel.

This development impacts global businesses strained by disrupted supply chains, soaring costs, and consumer concern due to Trump's ongoing trade war. The Federal Reserve notes its contribution to rising U.S. consumer prices. Despite mixed equities, investors remain steady, according to BMO Economics, amidst these turbulent announcements.

The actions align with the Trump administration's legal strategy shift, triggered partly by a Supreme Court case on tariff legality. While some sectors face uncertainty, trade agreements with the EU, Japan, and Britain have sought to cap specific product tariffs. Furniture and truck tariffs also signal Trump's push to revive domestic industries, while raising concerns over global trade dynamics.

(With inputs from agencies.)