Washington, Sep 26 (AP) President Donald Trump has said that he will put import taxes of 100 per cent on pharmaceutical drugs, 50 per cent on kitchen cabinets and bathroom vanities, 30 per cent on upholstered furniture and 25 per cent on heavy trucks starting on October 1.
The posts on his social media site on Thursday showed that Trump's devotion to tariffs did not end with the trade frameworks and import taxes that were launched in August, a reflection of the president's confidence that taxes will help to reduce the government's budget deficit while increasing domestic manufacturing. But the additional tariffs risk intensifying inflation that is already elevated, as well as slowing economic growth, as employers getting acclimated to Trump's previous import taxes grapple with new levels of uncertainty.
Trump said on Truth Social that the pharmaceutical tariffs would not apply to companies that are building manufacturing plants in the United States, which he defined as either "breaking ground" or being "under construction".
Trump said that foreign manufacturers of furniture and cabinetry were flooding the United States with their products and that tariffs must be applied "for National Security and other reasons".
Trump said that foreign-made heavy trucks and parts are hurting domestic producers.
This report includes content sourced from Press Trust of India (PTI), edited for clarity and context.
