President Donald Trump announced new tariffs taking effect Oct. 1 on imported goods. Companies face 100 percent duties on branded pharmaceutical products unless they construct manufacturing facilities in America. Kitchen cabinets and bathroom vanities will carry 50 percent tariffs while upholstered furniture receives 30 percent duties. Heavy trucks manufactured abroad will face 25 percent import taxes.
Trump cited unfair foreign competition and national security concerns as justification for the trade penalties. Previous tariffs have already increased furniture costs by 4.7 percent compared with last year. Drug manufacturers have responded by planning new American production facilities. The Supreme Court will examine presidential emergency powers regarding international trade restrictions next month.
Trump cited unfair foreign competition and national security concerns as justification for the trade penalties. Previous tariffs have already increased furniture costs by 4.7 percent compared with last year. Drug manufacturers have responded by planning new American production facilities. The Supreme Court will examine presidential emergency powers regarding international trade restrictions next month.
