Trump Imposes Import Taxes on Pharmaceuticals, Furniture, and Trucks

President Trump Announces Import Taxes on Pharmaceuticals, Home Furnishings, and Heavy Trucks WASHINGTON - President Donald Trump announced Thursday that he would impose import taxes of 100% on pharmaceutical drugs, 50% on kitchen cabinets and bathroom vanities, 30% on upholstered furniture, and 25% on heavy trucks starting October 1. According to a post on his social media site, Trump justified the tariffs as necessary for "National Security and other reasons," although he did not provide a clear explanation of how these measures would enhance national security. The move is seen as an extension of Trump's trade policies aimed at reducing the government's budget deficit and boosting domestic manufacturing. The decision has sparked concerns among lawmakers and industry experts, who argue that the tariffs will lead to higher prices for consumers and potentially harm American businesses. "These tariffs are a recipe for disaster," said Senator Chuck Schumer (D-NY). "They will increase costs for families and small businesses, and could even lead to job losses." The Trump administration has been using its authority under Section 232 of the Trade Expansion Act of 1962 to impose tariffs on imported goods. In April, the administration launched an investigation into the national security implications of importing heavy trucks. Industry representatives have expressed concerns about the impact of the tariffs on their businesses. "These tariffs will make it even more difficult for American manufacturers to compete in the global market," said a spokesperson for the National Kitchen and Bath Association. "We urge the administration to reconsider this decision." The move is also seen as a departure from traditional trade policy, which typically involves negotiations with trading partners rather than unilateral action. "This is a very unusual approach to trade policy," said Gary Hufbauer, a senior fellow at the Peterson Institute for International Economics. "It's not clear how these tariffs will achieve their intended goals." The administration has yet to provide details on how it plans to enforce the tariffs or address potential retaliation from trading partners. The move is likely to face opposition in Congress, where lawmakers have expressed concerns about the impact of tariffs on American businesses and consumers. In a statement, the White House said that the tariffs were necessary to protect American industries and jobs. "These tariffs are a key part of our effort to rebuild America's manufacturing base and create good-paying jobs for American workers," said a spokesperson. The imposition of these tariffs marks a significant escalation in Trump's trade policies, which have been marked by controversy and uncertainty. The move is likely to have far-reaching consequences for the economy and American businesses, and will be closely watched by lawmakers and industry experts in the coming weeks. *Reporting by Npr.*