US President Donald Trump said on Thursday that he would put import taxes by 100 percent on pharmaceutical drugs, 50 percent on kitchen cabinets and bathroom arrogance, 30 percent on upholstered furniture and 25 percent on heavy trucks starting on Wednesday.
The posts on his social media site did not mention whether the new drawings would be accumulated over the current national tariffs, but it made it clear that Trump’s dedication to the definitions did not end with the work and import frameworks that were already launched this year, including the Tahrir Day Declaration in April, which sent markets.
Additional definitions of intensifying inflation in the United States are already exposed, as well as slowing economic growth, as employers are accustomed to the previous import taxes of Trump with new levels of uncertainty.
Jerome Powell, head of the Federal Reserve, warned at a recent press conference: “We have started to see the prices of goods appear through high inflation.”
The consumer price index increased by 2.9 percent over the past 12 months, an increase of an annual pace of 2.3 percent in April, when most customs duties began.
Powell added that the costs of the highest goods are “most” or “all” of the increase in inflation levels this year.
“There is no inflation,” Trump told reporters on Thursday. “We are achieving incredible success.”
Definitions add another challenge to countries that are still negotiating on commercial deals with the Trump administration, including Canada and Mexico.
In June, Trump doubled his tariff on steel and aluminum to 50 percent. While definitions apply to all imports, Canada is the highest resource for both minerals for the United States
Trump also increased customs tariffs in August on the currently incompatible goods and Mexico agreement in Canada (CUSMA) to 35 percent and added a 50 percent tariff on some copper imports.
Prime Minister Mark Carne said in August that anti -American goods will be removed “specifically under CUSMA.” But the quietly published notification on the Internet shows that Canada has removed all the revenge definitions, which means that Canada’s policy is not completely mutual, as the government suggested.
“Unjustified, unjustified”
Pascal Chan, Vice -President of Strategic Policy and Supply Policy chains in the Canadian Chamber of Commerce, warned that the drug tariff can harm Americans’ health through “immediate prices, tense insurance systems, hospital deficiency, and the real danger of patients in legalization or what is followed by basic drugs.”
The tax credits that have made health insurance are already more expensive in the United States at the end of the year without intervention, which is a sticky point as it waves on a possible government horizon next week. The credits are applied to low and medium -income persons who buy health insurance through reasonable prices.
The shares of pharmaceutical companies across Asia fell on Friday, when investors’ reaction was.
In Australia, Minister of Health, Mark Belller, told the correspondents that the government is working to understand the effects of “unfair and unjustified tariff after 20 years of free trade.”
Trump said on the social truth that pharmaceutical definitions will not apply to companies that build manufacturing factories in the United States, which he knew either by “broken land” or under construction. It was not clear how definitions would be applied to companies that already have factories in the United States
The research of medicines and manufacturers in America, an industrial group, said companies “still announce hundreds of billions in the new United States investments. The tariff shows these plans.”
In 2024, America imported approximately $ 233 billion in pharmaceutical and medical products, according to the Statistical Office.
From late 2022 to mid -2013, more than 22,000 drug products were sold on the American market, with 1.9 percent of those who were manufactured in Canada, according to To a report From Jama, Journal of the American Medical Association.
Of the 411 products manufactured in Canada, 79 percent of roles and 21 percent of branded products, including 4.9 percent, were under the protection of patents, according to the report.
In his announcement, Trump indicated that gelatinous drugs will be exempted from any tariff for cold medications. But it is not clear at this stage that Canadian products will be affected.
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The United States Chamber warned against truck tariffs
Trump said that trucks and heavy parts of a foreigner hurt local producers.
He wrote that manufacturers such as “Peterbilt, Kenworth, Freightliner, Mack Trucks and others will be protected from the attack from external interruptions.”
The American Chamber of Commerce previously urged the administration not to impose a new tariff for trucks, noting that the first five import sources are Mexico, Cananga, Japan, Germany and Finland, “all of whom are allies or partners close to the United States who do not pose any threat to American national security.”
The new definitions on the cabinets may increase the costs of home builders when many people seek to buy a house felt by a mixture of housing and high mortgage rates.
Regarding furniture, about 60 percent of imports came in 2024 from Vietnam and China, according to the furniture today, a commercial publication.
Central banks usually raise interest rates to control prices during inflation times, but Canada and the American Federal Reserve reduce prices. Andrew Zhang explains how Trump’s tariff and a declining labor market led to the same reflection point for fencing economies. Pictures provided by Getty Images, Canadian press and Reuters.
Trump said that the manufacturers of foreign furniture and treasures were overwhelming the United States with its products and that the definitions “for national security and other reasons should be applied.”
The Trump administration has reduced the influence of consumer prices and drivers as a large source of revenue, as Treasury Secretary Scott Besent said that Washington could raise $ 300 billion in the United States by the end of the year.
There is little evidence that customs tariffs create factory functions or more manufacturing facilities. Since April, the US Labor Statistics Office has reported that manufacturers reduced 42,000 jobs and that China’s builders have reduced 8,000.
Trump has not provided a legal justification for the definitions of social media.
The broader definitions of each country separately this year depended on the 1977 Economic Forces Law. Two federal courts said that Trump’s tariff policies exceeded his authority as president, but the Supreme Court will hear arguments on this issue in the early November session.
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