Donald Trump is cranking up the tariff machine again — and this time, he’s targeting everything from prescription drugs to kitchen cabinets.
Starting 1 October, branded or patented drug imports face a 100% tariff unless companies are building plants in the US. Heavy-duty trucks?
Add 25%. Kitchen and bathroom cabinets? A whopping 50%. Even upholstered furniture isn’t safe.
Trump says it’s all about stopping the “FLOODING” of cheap imports and protecting US jobs.
But is this really the game-changer it sounds like?
Not quite, says Neil Shearing of Capital Economics, who notes generic drugs and US-based manufacturers are exempt.
“Many of the world’s largest pharmaceutical companies already have production in the US or plan to soon,” he explained.
Trade Tensions Rise
UK giants like GSK and AstraZeneca are betting billions on US facilities — effectively insulating themselves.
Still, the move rattled trade groups on both sides of the Atlantic.
The European Federation of Pharmaceutical Industries wants “urgent discussions.”
Ikea says tariffs on furniture imports make doing business “more difficult.”
Trade expert Deborah Elms warned consumers may be the losers here: higher prices and fewer choices.
Trump calls it “America First” manufacturing. Critics call it protectionism.
Either way, October is shaping up to be an expensive month for global trade.
