Trump's Tariff Tsunami: Raising Stakes in Global Trade War

President Donald Trump has intensified the trade war, announcing new tariffs on Thursday covering a broad array of imported goods. The new levies include a 100% duty on branded pharmaceuticals and a 25% tariff on heavy-duty trucks, effective next week. While the move aims to curb large-scale imports into the United States, it has sparked concerns over its impact on global trade and economic stability.

The announcement came via Truth Social, with additional tariffs on items like kitchen cabinets and upholstered furniture taking effect from October 1. The pharmaceutical industry reacted with sinking stock prices across Asia, while doubts linger over whether countries with existing trade agreements will be exempt from these new measures.

The latest tariff strategy is part of President Trump's use of high duties as a foreign policy tool, designed to renegotiate trade deals and exert political pressure. While supporters tout it as a significant revenue source, the potential repercussions on industries such as pharmaceuticals and automotive raise questions about the broader economic implications.

(With inputs from agencies.)