US: Donald Trump makes major tax announcement, 100% tariff on pharmaceutical products, 50% on kitchen cabinets, and 30% on trucks

New Delhi: In a major decision, US President Donald Trump has announced heavy import duties on foreign pharmaceuticals, kitchen cabinets, furniture, and heavy trucks, effective October 1st. He stated on his social media platforms that this move is aimed at promoting domestic manufacturing and ensuring national security.

Trump stated that a 100% tax will be imposed on pharmaceutical drugs, a 50% tax on kitchen cabinets and bathroom vanities, a 30% tax on upholstered furniture, and a 25% tax on heavy trucks.

Trump stated in a social media post, “Beginning October 1, 2025, we will impose a 100% tariff on any branded or patented pharmaceutical product. Companies will only receive a tax exemption if they are building a manufacturing plant in the United States. Companies that are “breaking ground” or “under construction” will be exempt from the tax.”

Trump’s Social Media Post
In another social media post, he stated, “We will impose a 50% tariff on all kitchen cabinets, bathroom vanities, and related products starting October 1, 2025. In addition, we will impose a 30% tariff on upholstered furniture.” The reason for this is the massive “flooding” of these products into the United States from other foreign countries. This is a very unfair practice, but we must protect our manufacturing process for national security and other reasons.”

Announcing a 25% import duty on heavy trucks, he said, “To protect our major heavy truck manufacturers from undue external competition, I am imposing a 25% tariff on all heavy (large) trucks manufactured in other parts of the world, effective October 1, 2025. This way, our major truck manufacturers, such as Peterbilt, Kenworth, Freightliner, Mack Trucks, and others, will be protected from the onslaught of external disruptions. We need our truck drivers to be financially healthy and strong.”

Inflation will rise in America.
He alleged that foreign companies are flooding the American market with furniture and cabinets, impacting domestic industry. Similarly, foreign heavy trucks and parts pose a challenge to American manufacturers.

Trump says this move is necessary not only to protect domestic industry but also to protect national security. This move comes at a time when inflation in the US is already high. Experts believe these additional tariffs could further increase inflation and slow economic growth.