US President Donald Trump has announced a new wave of tariffs on imported goods. The duties will target branded drugs, heavy-duty trucks, and furniture. They are scheduled to begin on October 1.
The new measures include a 100% tariff on branded and patented medicines. Heavy-duty trucks will face a 25% levy. Furniture imports will be hit with tariffs ranging from 30% to 50%. Trump said the step was taken to protect American manufacturers and secure national interests.
Pharmaceutical stocks across Asia dropped after the announcement. Australia’s CSL fell to its lowest level in six years. Japan’s Sumitomo Pharma lost more than 3%, while indices in Hong Kong and India also declined. An index of Chinese-listed furniture makers also recorded losses.
The administration has already imposed duties on steel, aluminum, and automobiles. It is now investigating imports of medical equipment, robotics, semiconductors, and other products. These probes could form the basis for more tariffs in the near future.
Furniture imports into the US reached $25.5 billion in 2024. Around 60% of these imports came from Vietnam and China. Industry groups in Vietnam criticized the new tariffs as “unfair” and warned of economic damage. Trump argued the measures will revive furniture production in states such as North Carolina and Michigan.
The decision to impose truck tariffs has drawn opposition from US business groups and Mexico. Critics say the duties could raise transportation costs and hurt supply chains. Mexico, the top truck exporter to the US, noted that its vehicles already use a large share of US-made parts.
The Pharmaceutical Research and Manufacturers of America also expressed concern. It warned that tariffs could discourage billions of dollars in planned investments in the US.
Trump’s latest trade actions highlight his push to strengthen domestic industries. However, analysts caution that higher tariffs may fuel global trade tensions and add to inflationary pressures at home.
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