#TariffHODL US President Donald Trump has announced a new wave of tariffs, including a 100% levy on branded or patented drug imports from 1 October unless a company is building a factory in the US.
Washington will also impose a 25% import tax on all heavy-duty trucks and 50% levies on kitchen and bathroom cabinets, the president said as he unveiled the industry-focused measures.
"The reason for this is the large scale 'FLOODING' of these products into the United States by other outside Countries," Trump wrote on his Truth Social platform on Thursday, citing the need to protect US manufacturers.
The announcements come despite calls from US businesses for the White House to not impose further tariffs. The 100 percent tariff means prices of imported pharmaceutical products will double for American importers and consumers.
However, Trump said an exception would be made for any company which “IS BUILDING their Pharmaceutical Manufacturing Plant in America”.
He explained that “is building” refers to “‘breaking ground’ and/or ‘under construction’.”
Trump did not specify whether the new tariffs he is announcing will be applied on top of the national tariffs he has previously imposed on various US trading partners.$SOMI
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