October Shock: Trump Unveils Import Taxes: 100% on Pharmaceuticals, 50% on Cabinets, 30% on Trucks

Tariff Updates:US President Donald Trump announced tariffs on several products on Thursday. According to Trump, starting October 1, a 100% tariff will be imposed on pharmaceutical drugs, a 50% tariff on kitchen cabinets and bathroom vanities, a 30% tariff on furniture, and a 25% tariff on heavy trucks. He shared this information on his social media platform, Truth Social.

Relief for Some Companies

The President also stated that these additional tariffs on pharmaceuticals will not apply to companies operating manufacturing plants in the United States. He argues that this will boost American employment and domestic production while controlling imports from foreign companies.

Impact on Medicine and Medicare

According to the Census Bureau data, in 2024, the US has imported around $ 233 billion medicines. Experts say that the prices of some drugs may double after the tariff is implemented. This could also increase Medicare and Medicaid expenses for Americans.

Impact on Inflation

Recent months have seen a steady increase in the Consumer Price Index. It was 2.9% in the last 12 months, compared to 2.3% in April, when Trump first implemented the import duty. The new tariff is likely to put further pressure on inflation and economic growth may slow down.

Overall, Trump's new import duty may prove challenging for the US market, health sector and consumers, while uncertainty for companies and economy is increasing.