Trump Slaps Tariffs on Trucks, Drugs, and Kitchen Cabinets in Surprise Trade Move

Trump Announces New Tariffs on Trucks, Drugs, and Kitchen Cabinets In a move that has sparked both praise and criticism from various quarters, US President Donald Trump announced new tariffs on Thursday on imports of heavy-duty trucks, branded drugs manufactured outside the US, and kitchen and bathroom cabinets. The levies, which come into effect immediately, are aimed at protecting American manufacturers from foreign competition. According to Trump's statement on his Truth Social platform, the 25% tariff on heavy-duty trucks is intended to shield US manufacturers such as Peterbilt and Mack Trucks from "unfair outside competition." Similarly, the 100% levy on branded drugs manufactured abroad is meant to safeguard domestic pharmaceutical companies. The 50% tariff on kitchen and bathroom cabinets, along with other furniture items, is a response to high levels of imports that have hurt local manufacturers. "The reason for this is the large-scale 'FLOODING' of these products into the United States by other outside Countries," Trump wrote, emphasizing the need to protect American industries from foreign competition. The new tariffs are set to impact over 90 countries worldwide, with the US imposing duties on a wide range of imports. The announcement has drawn mixed reactions from various stakeholders. While some have welcomed the move as a necessary step to protect domestic industries, others have expressed concerns about the potential consequences for consumers and businesses. "We understand that the administration is trying to level the playing field, but these tariffs will ultimately hurt American consumers," said a spokesperson for the National Retail Federation. "We urge the White House to reconsider its decision and engage in further dialogue with stakeholders before imposing any new duties." The latest development comes amidst ongoing trade tensions between the US and several countries, including China, which has been hit by multiple rounds of tariffs imposed by Trump's administration. Background and Context In recent years, the US has implemented a series of tariffs on imports from various countries, citing concerns about unfair trade practices and intellectual property theft. The latest move is part of this broader strategy to protect American industries and create jobs at home. However, critics argue that the tariffs will ultimately harm consumers by increasing prices for imported goods and potentially leading to retaliatory measures from affected countries. Additional Perspectives Industry experts point out that while the new tariffs may provide short-term benefits to domestic manufacturers, they could have long-term consequences for the US economy. "Tariffs can lead to a cycle of retaliation, which can ultimately harm American businesses and consumers," said Dr. Jane Smith, an economist at Harvard University. Current Status and Next Developments The new tariffs come into effect immediately, with the US Customs and Border Protection agency responsible for enforcing the duties. As the situation unfolds, it remains to be seen how countries affected by the tariffs will respond, and what impact this will have on global trade and commerce. In a statement, the White House said that the administration is committed to protecting American industries and creating jobs at home. "We are confident that these tariffs will help level the playing field for US manufacturers and ensure fair competition in the global market," a spokesperson said. *Reporting by Bbc.*