Trump announces a flurry of tariffs on pharmaceuticals, trucks, and furniture [Yahoo! Finance]
SUMITOMO CHEM UNSP/ADR (SOMMY)
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Source: Yahoo! Finance
It is unclear whether these tariffs are enacted under emergency IEEPA powers or Section 232. President Donald Trump's tariff campaign is far from over. On Thursday evening, Trump announced on Truth Social that a fresh flurry of tariffs would start on October 1. According to Trump's post, the US will impose 100% duties on imported branded or patented pharmaceuticals, 25% tariffs on heavy-duty trucks, and new tariffs on home goods, including kitchen cabinets and upholstered furniture. "The reason for this is the large-scale 'flooding' of these products into the United States by other outside Countries," Trump wrote. "It is a very unfair practice, but we must protect, for National Security and other reasons, our Manufacturing process." The president posed on Truth Social that the pharmaceuticals-focused tariffs will apply to companies that are not building plants in the US. "'IS BUILDING' will be defined as, 'breaking ground' and/or 'under construction,'" he posted. "There w
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