Trump Imposes Sweeping Tariffs on Drugs, Trucks, Home Goods

U.S. President Donald Trump has reignited his global trade war with the announcement of sweeping new tariffs targeting pharmaceuticals, heavy trucks, and home renovation materials in one of the most aggressive protectionist moves of his presidency.

In a late-night post on his Truth Social platform, Trump revealed that beginning October 1, branded or patented pharmaceutical products will face a 100% tariff unless the manufacturer builds production plants in the United States. The decision sparked immediate backlash, with Australia—one of America’s key pharmaceutical exporters—warning the move could harm U.S. consumers.

Trump also announced a 25% tariff on imported heavy trucks, citing national security concerns and pledging protection for U.S. manufacturers like Peterbilt, Kenworth, and Mack Trucks. Shares of foreign competitors such as Sweden’s Volvo and Germany’s Daimler dropped in European after-hours trading following the announcement.

The tariffs extend further into the home renovation sector, with a 50% duty on kitchen cabinets, bathroom vanities, and related products, and a 30% tariff on upholstered furniture. Industry data shows imports, primarily from Asia, account for a majority of furniture sold in the U.S., raising fears of higher consumer costs. Shares of major retailers Wayfair and Williams Sonoma slid after the news.

Economists warn the sweeping tariffs could fuel inflation in the U.S. economy, which remains highly dependent on imports. Despite concerns from allies and businesses, Trump defended his actions as part of a push to revive domestic manufacturing and reduce reliance on foreign supply chains.

The new measures are set to take effect on October 1, deepening uncertainty around global trade and signaling Trump’s determination to double down on protectionism.