Overview

• Starting Oct. 1, branded and patented pharmaceutical imports will face a 100% tariff, according to posts by President Trump on Truth Social.
• Trump specified that the exemption applies to companies with drug manufacturing plants already under construction in the United States.
• New import duties also begin Oct. 1: 50% on kitchen cabinets and bathroom vanities, 30% on upholstered furniture, and 25% on heavy trucks.
• Trump framed the actions as a response to foreign suppliers flooding the U.S. market and cited national security, with AP noting his confidence that tariffs can bolster domestic production and trim the federal deficit.
• Analysts warned of added inflation and potential growth headwinds, and shares of furniture sellers including Wayfair, RH and Williams-Sonoma fell in after-hours trading.