Donald Trump on Thursday announced a new round of punishing tariffs, saying the United States will impose a 100% tariffs on imported branded drugs, 25% tariff on imports of all heavy-duty trucks and 50% tariffs on kitchen cabinets.
The US president also said he would start charging a 50% tariff on bathroom vanities and a 30% tariff on upholstered furniture next week, with all the new duties to take effect from 1 October.
Drug companies warned earlier this year that Americans would suffer the most if Trump decided to impose tariffs on pharmaceuticals.
In 2024, the US imported nearly $233bn in pharmaceutical and medicinal products, according to the Census Bureau. The prospect of prices doubling for some medicines could send shock waves to voters as healthcare expenses, as well as the costs of Medicare and Medicaid, potentially increase.
Pascal Chan, vice-president for strategic policy and supply chains at the Canadian Chamber of Commerce, warned that the tariffs could harm Americans’ health with “immediate price hikes, strained insurance systems, hospital shortages, and the real risk of patients rationing or foregoing essential medicines”.
