President Donald Trump on Thursday announced his plans to impose import taxes of 100% on pharmaceutical drugs, 50% on kitchen cabinets and bathroom vanities, 30% on upholstered furniture and 25% on heavy trucks beginning Oct. 1, the Associated Press reports.
Under the Trade Expansion Act of 1962, the administration launched a Section 232 investigation in April about the impacts on national security from pharmaceutical drug and truck imports.
The Commerce Department launched a 232 investigation into timber and lumber in March, though it’s unclear whether the furniture tariffs stem from that.
Trump said on Truth Social that the pharmaceutical tariffs would not apply to companies that are building manufacturing plants in the United States, which he defined as either “breaking ground” or being “under construction.”
It was unclear how the tariffs would apply to companies that already have factories in the U.S.
