By Joseph Zeballos-Roig

 

WASHINGTON, 29 Sept. - (ANA) - The new tariffs threaten to upend swaths of the economy, which is already grappling with double-digit levies hitting employment and business investment.

 

President Donald Trump is rolling out a new wave of tariffs that will hit furniture, kitchen cabinets, pharmaceutical products, and trucks starting Oct. 1.

 

Trump said in Thursday evening social media posts that kitchen cabinets, bathroom vanities, and other "associated products" will experience a 50% tariff. Upholstered furniture will be subject to a 30% tariff, while a 25% tariff is applied to foreign semi-trucks. Pharmaceutical products will get hit with a 100% tariff.

 

"It is a very unfair practice, but we must protect, for National Security and other reasons, our Manufacturing process," Trump said in one of the posts.

 

The latest import taxes threaten to upend various segments of the U.S. economy, which is already grappling from double-digit tariffs hitting business hiring and investment. However, Trump listed two carveouts that could mitigate the effect of prescription drug tariffs.

 

Pharmaceutical companies that are either "breaking ground" or already building a new manufacturing plant in the U.S. can be exempted from the tariffs. The tariff will affect patented and branded drugs, Trump said.

 

A preliminary trade agreement with the European Union from August established a 15% tariff on imported brand0name drugs. It was not immediately clear whether Trump's announcement would affect that part of the agreement.

 

Financial markets didn't appear unnerved by the latest tariff blitz at the opening of Friday's session. The Dow Jones Industrial Average and S&P 500 opened higher.

 

Higher-end furniture companies such as Wayfair and RH experienced some pre-market selling but later rebounded. Shares for drug makers such as Eli Lilly and Pfizer climbed slightly.

 

For the newest tariffs, Trump is relying on executive authority separate from his other global tariffs now ensnared in a Supreme Court challenge. These import taxes fell under Section 232 national security tariffs, which the Trump administration has used to apply tariffs to steel, aluminum, and copper.   - (ANA) -

 

AB/ANA/28 September 2025  - - -