Overview

• Starting Oct. 1, the U.S. will impose a 100% tariff on branded or patented pharmaceuticals produced overseas, with an exemption tied to building domestic manufacturing.
• Heavy trucks made outside the United States will face a 25% duty, a step the president framed as a national security measure following a prior import investigation.
• Furniture imports will be hit with a 50% tariff on kitchen furniture and bathroom sinks and a 30% tariff on upholstered furniture beginning Oct. 1.
• Shares of foreign truckmakers Volvo and Daimler fell sharply after the announcement, and U.S. retailers Wayfair and Williams Sonoma also declined.
• Analysts highlighted unclear definitions for which drugs are covered, with some expecting generics from exporters such as India to be spared, and warned the measures could add to inflation given the U.S. reliance on imported furniture.