Heads up! Starting October 1, 2025, the U.S. will hit imported goods with a fresh wave of tariffs. Here’s what you need to know: 💼✨
1. Pharma products (100% tariff!)
President Trump announced a 100% tariff on any branded or patented pharmaceutical product unless the company is building a plant in America (aka “breaking ground” or “under construction”). It’s a bold move to push drugmakers to invest at home.
2. Home goods (50% & 30%)
From cabinets and bathroom vanities to upholstered furniture, the U.S. says it’s time to level the playing field. Cabinets and vanities face a 50% duty, while upholstered furniture gets a 30% slap, aiming to curb the “flooding” of cheap imports.
3. Big trucks (25%)
Heavy trucks built overseas will carry a 25% tariff. The logic? Strong trucking businesses are “vital for national security,” according to the announcement.
These measures come after earlier duties on steel, aluminum, copper and auto imports. U.S. furniture prices have already jumped 4.7% year-on-year, with living and dining room sets up nearly 9.5% in a year. 😲
Drugmakers have taken note: many plan new U.S. plants to dodge the penalties, while smaller firms worry about their exposure. Plus, the Supreme Court will soon weigh in on whether emergency powers justify these broad tariffs.
Stay tuned to see if these big bets on reshoring actually pay off or spark more ripples in global trade. 🌍💥
Reference(s):
cgtn.com
