Washington: U.S. President Donald Trump announced plans Thursday to impose tariffs on imported heavy trucks, pharmaceuticals, kitchen cabinets, and other related products starting next month. This move is part of his strategy to encourage foreign investments, increase state revenue, and boost domestic manufacturing.
According to Yonhap News Agency, Trump made the announcement via social media, emphasizing security concerns and other reasons. This development comes as South Korean businesses and others closely monitor the administration's new levies on foreign products. The Trump administration plans to implement a 25 percent tariff on all heavy trucks manufactured outside the U.S. by October 1, aiming to protect American manufacturers from external competition. Companies like Peterbilt, Kenworth, Freightliner, and Mack Trucks are expected to benefit from these measures.
Additionally, a 100 percent tariff will be imposed on branded or patented pharmaceutical products unless manufacturers establish production facilities in the U.S. The administration defines such establishment as either "breaking ground" or being "under construction," thereby exempting these products from tariffs if construction is underway.
Furthermore, beginning October 1, a 50 percent tariff will be applied to all kitchen cabinets, bathroom vanities, and associated products, along with a 30 percent duty on upholstered furniture. Trump highlighted the significant influx of these products into the U.S. market from abroad as the reason for the tariffs, citing the necessity to protect the domestic manufacturing industry for national security and other reasons.