New U.S. tariffs impact truck manufacturers and pharmaceutical companies

The truck manufacturing industry will soon face stiffer tariffs, as U.S. President Donald Trump announced his administration will impose a 25 per cent tariff on all heavy trucks made outside the U.S.

Trump said on social media the move is to protect U.S. truck manufacturers like Peterbilt, Kenworth, Freightliner, Mack Trucks and others.

In addition to heavy trucks, Trump is also placing a 50 per cent tariff on kitchen cabinets, bathroom vanities and all associated products, as well as a 30 per cent 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.

There will also be a 100 per cent tariff placed on any branded or patented pharmaceutical product, “unless a Company IS BUILDING their Pharmaceutical Manufacturing Plant in America. “IS BUILDING” will be defined as, “breaking ground” and/or “under construction,” Trump posted.

The new tariffs will be implanted starting Oct. 1.