Overview

• Trump announced via Truth Social a 100% levy on branded or patented pharmaceutical imports, exempting companies that have already begun building U.S. manufacturing plants.
• Additional duties set for October 1 include 50% on kitchen and bath cabinets, 30% on upholstered furniture, and 25% on heavy trucks to bolster domestic producers.
• A White House official said countries covered by negotiated accords will face lower capped rates, with EU and Japan drug tariffs limited to 15% and the UK subject to the full rate absent a specific arrangement.
• No formal implementing order has been published yet, and companies seeking exemptions are expected to go through forthcoming Commerce and USTR procedures.
• Industry groups and foreign governments warned of higher costs and supply disruptions, some retailer and manufacturer shares fell, and legal challenges to the administration’s national-security tariff authority continue toward the Supreme Court.