US President Donald Trump on Thursday unveiled a new round of punitive tariffs on a wide range of imported goods, including 100% taxes on brand-name drugs and 25% tariffs on heavy trucks, which will take effect next week.
Tariffs have been a feature of Trump's second term, with sweeping taxes on trading partners ranging from 10% to 50% and other targeted taxes on a wide range of products, casting a shadow over the global economic outlook and paralyzing business decision-making, Reuters writes.
The announcements, made on Truth Social, did not include details on whether the new taxes would be applied in addition to national tariffs or whether economies with trade agreements such as the European Union and Japan would be exempt.
Trump also said he would begin imposing a 50% tariff on kitchen cabinets and bathroom sinks and a 30% tariff on upholstered furniture, with all new taxes taking effect on October 1.
edition
t7 live
