"Trump Slaps Tariffs on Imports, Targeting Trucks and Home Goods"

President Trump Announces New Import Taxes on Pharmaceuticals, Home Furnishings, and Heavy Trucks In a move aimed at reducing the government's budget deficit and increasing domestic production, President Donald Trump announced on Thursday that he will impose new import taxes on pharmaceutical drugs, home furnishings, and heavy trucks. The tariffs, which are set to take effect on October 1, will range from 25% on heavy trucks to 100% on certain types of pharmaceuticals. According to the White House, the new tariffs will apply to a wide range of products, including kitchen cabinets and bathroom vanities (50%), upholstered furniture (30%), and heavy trucks (25%). The highest tariff, 100%, will be imposed on imported pharmaceutical drugs. The move is seen as a continuation of Trump's trade policies, which have been marked by a focus on protecting American industries through tariffs. The decision to impose new tariffs has sparked concerns among industry experts and lawmakers. "This is a misguided policy that will only serve to increase costs for consumers and harm American businesses," said Senator Chuck Schumer (D-NY), according to a statement from his office. On the other hand, some economists argue that the tariffs could help boost domestic production and reduce the trade deficit. The new tariffs are part of Trump's broader effort to restructure the US trade policy framework. In August, he launched a series of import taxes aimed at reducing the country's reliance on foreign goods. According to a statement from the White House, the president believes that these measures will help to create jobs and stimulate economic growth. The impact of the new tariffs is likely to be felt across various industries, including healthcare, manufacturing, and construction. Pharmaceutical companies may face increased costs due to the 100% tariff on imported drugs, while home furnishings retailers could see higher prices for imported products. Heavy truck manufacturers, such as Ford and General Motors, may also be affected by the new tariffs. The implementation of the new tariffs is expected to take place on October 1, with the US Customs and Border Protection agency responsible for enforcing the measures. The move has sparked a mixed reaction from lawmakers and industry experts, with some expressing concerns about the potential impact on consumers and businesses. In a statement released on Thursday, Trump said that the new tariffs are necessary to protect American industries and create jobs. "We will not let other countries take advantage of us," he said. According to a White House official, the president believes that the tariffs will help to reduce the budget deficit and increase domestic production. The impact of the new tariffs on the US economy is likely to be significant, with some economists predicting a slowdown in economic growth due to increased costs for consumers and businesses. However, others argue that the measures could help boost domestic production and create jobs. As the implementation of the new tariffs approaches, industry experts and lawmakers will be closely watching the impact of the measures on various sectors of the economy. The move is seen as a significant development in Trump's trade policy agenda, which has been marked by controversy and debate. Sources: White House statement Senator Chuck Schumer (D-NY) statement NPR Politics: "Trump to place import taxes on drugs, home furnishings and heavy trucks" NPR News: "Trump to place import taxes on drugs, home furnishings and heavy trucks" This story was compiled from reports by NPR Politics and NPR News.