WASHINGTON, Sept 25 (AP) — President Donald Trump announced sweeping new import tariffs set to begin Oct 1, including 100% on pharmaceutical drugs, 50% on kitchen cabinets and bathroom vanities, 30% on upholstered furniture, and 25% on heavy trucks. Trump said the measures aim to boost U.S. manufacturing and reduce the federal deficit, though economists warn they could fuel inflation and slow economic growth.
New Tariffs
Pharmaceutical tariffs will exempt companies currently building U.S. factories. America imported nearly $233 billion in pharmaceuticals in 2024, raising concerns about higher healthcare costs. Trump defended the tariffs as necessary to protect domestic industries, including truck manufacturers like Peterbilt, Kenworth, and Freightliner, from what he described as damaging foreign competition.
Table of Contents
Read More News on Latest Malaysia
Follow us on:
Read More News on Business News Malaysia
Read More News on SG Business News
Read More News on World Future TV
