Trump announces new tariffs on pharma, big trucks, furniture and kitchen supplies

Trade Policy Changes - The US will impose a 100% tariff on branded or patented pharmaceutical products entering the country, starting October 1st, with exceptions for companies building drug manufacturing plants in the US or projects where construction has already begun [1] - A 25% tariff will be imposed on imported heavy trucks, also starting October 1st, aiming to protect domestic truck manufacturers like Peterbuilt, Kenworth, Freightliner, and Mac Trucks for national security reasons [1] - A 50% tariff will be applied to all kitchen cabinets, bathroom vanities, and associated products starting October 1st, 2025, and a 30% tariff on upholstered furniture, citing the need to protect domestic manufacturing from large-scale flooding of these products from other countries [2] Potential Future Tariffs - Section 232 investigations have been initiated into imports of robotics, industrial machinery, and medical devices, potentially leading to tariffs on these products [3] Impact and Mitigation - The trade war has caused a severe drop-off in Chinese purchases of American soybeans, impacting American farmers [3] - A mechanism will be developed to transfer tariff dollars to American farmers to mitigate the negative impact of the trade war on the agricultural sector [4]