Trump announces steep new tariffs, reviving trade war

US President Donald Trump announced Thursday punishing tariffs connected pharmaceuticals, big-rig trucks, location renovation fixtures and furniture, reviving his planetary commercialized war.

The late-evening announcement is the harshest commercialized argumentation by the president since past April’s daze unveiling of reciprocal tariffs connected virtually each US trading spouse crossed the globe.

Starting October 1, “we volition beryllium imposing a 100% Tariff connected immoderate branded oregon patented Pharmaceutical Product, unless a Company IS BUILDING their Pharmaceutical Manufacturing Plant successful America,” the Republican wrote connected his Truth Social platform.

That determination was criticised by American state Australia, which exported pharmaceutical products worthy an estimated $1.35 cardinal to the United States successful 2024, according to the UN’s Comtrade Database.

Australian wellness curate Mark Butler said Friday that the higher rates were “not successful the American consumers’ interest… peculiarly fixed the grade to which their exporters to Australia payment from that escaped commercialized arsenic well.”

In a abstracted post, Trump wrote of a 25 percent tariff connected “all ‘Heavy (Big) Trucks’ made successful different parts of the world” to enactment US manufacturers specified arsenic “Peterbilt, Kenworth, Freightliner, Mack Trucks and others.”

Foreign companies that vie with these manufacturers successful the US marketplace see Sweden’s Volvo and Germany’s Daimler, which includes the Freightliner and Western Star brands.

Shares successful some companies were sharply little successful after-hours trading successful Europe.

Trump said the motortruck tariffs were “for galore reasons, but supra each else, for National Security purposes!”

Earlier this year, the Trump medication launched a alleged Section 232 probe into imports of trucks to “determine the effects of nationalist security,” mounting the signifier for Thursday’s announcement.

Section 232 is simply a commercialized instrumentality proviso that gives the president wide authorization to enforce tariffs oregon different restrictions connected imports erstwhile they’re deemed a menace to nationalist security.

Trump has made extended usage of Section 232 to initiate investigations and enforce tariffs connected imported goods arsenic portion of his efforts to bolster US manufacturing and punish countries that helium says are taking vantage of the US.

The real-estate tycoon besides targeted location renovation materials, penning “We volition beryllium imposing a 50% Tariff connected each Kitchen Cabinets, Bathroom Vanities and associated products,” arsenic of October 1.

“Additionally, we volition beryllium charging a 30% Tariff connected Upholstered Furniture,” helium added.

According to the United States International Trade Commission, successful 2022 imports, chiefly from Asia, represented 60 percent of each furnishings sold, including 86 percent of each wood furnishings and 42 percent of each upholstered furniture.

Shares successful location furnishings retailers Wayfair and Williams Sonoma, which beryllium connected these imported goods, tumbled successful after-hours trading pursuing the announcement.

– Protectionist policies –

The tariff onslaught volition rekindle fears implicit ostentation successful the US economy, the world’s biggest.

Trump is connected a ngo to rebuild manufacturing done protectionist policies that people a implicit reversal of modern US argumentation to support an unfastened and import-dependent economy.

His medication has imposed a baseline 10 percent tariff connected each countries, with higher individualized rates connected nations wherever exports to the US acold transcend imports.

Trump has besides utilized exigency powers to enforce other tariffs connected commercialized woody partners Canada and Mexico, arsenic good arsenic connected China, citing concerns implicit fentanyl trafficking and amerciable immigration.

It was not yet wide however these caller tariffs that footwear successful adjacent week would origin into the existing measures.

AFP

The station Trump announces steep caller tariffs, reviving commercialized war appeared archetypal connected Vanguard News.