US President Donald Trump on Thursday announced a series of tariffs on a number of products, with the highest levy of 100 per cent being imposed on imported branded or patented pharmaceuticals.
In a series of posts on Truth Social, Trump affirmed his commitment to tariffs, the motive he campaigned on, “America First! Make America Great Again!”
Full list of Trump's recent tariffs:
1. Pharmaceutical products: 100 per cent
2. Kitchen cabinets, bathroom vanities and related products: 50 per cent
3. Upholstered furniture: 30 per cent
4. Heavy trucks: 25 per cent
He said that the 25 per cent tariff on "heavy (big!) trucks" will take effect from October 1, adding that he is imposing the levy to protect America's "Great Heavy Truck Manufacturers from unfair outside competition".
"Therefore, our Great Large Truck Company Manufacturers, such as Peterbilt, Kenworth, Freightliner, Mack Trucks, and others, will be protected from the onslaught of outside interruptions. We need our Truckers to be financially healthy and strong, for many reasons, but above all else, for National Security purposes!" he wrote in his Truth Social post.
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The US President, in a second post, said that he will impose a 50 per cent tariff on kitchen cabinets, bathroom vanities, and other associated products, from October 1.
{{/usCountry}}The US President, in a second post, said that he will impose a 50 per cent tariff on kitchen cabinets, bathroom vanities, and other associated products, from October 1.
{{/usCountry}}"Additionally, we will be charging a 30% Tariff on Upholstered Furniture. The reason for this is the large scale “FLOODING” of these products into the United States by other outside Countries. It is a very unfair practice, but we must protect, for National Security and other reasons, our Manufacturing process," Trump posted.
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Finally, Trump announced his decision to slap a 100 per cent tariff on any branded or patented Pharmaceutical Product. However, the levy will not be applicable if "a company BUILDING their Pharmaceutical Manufacturing Plant in America".
"IS BUILDING” will be defined as, “breaking ground” and/or “under construction.” There will, therefore, be no Tariff on these Pharmaceutical Products if construction has started," the US President added.
The move is likely to impacts India’s pharmaceutical sector, which is world’s largest producer of generic drugs and supplies nearly 20 per cent of global demand. India exports about USD 11 billion worth of pharma products to the US out of a total of USD 30 billion exported worldwide.