US President Donald Trump has announced sweeping new tariffs on imported goods, including 100% duties on branded medicines, 25% levies on heavy duty trucks, and up to 50% tariffs on imported furniture. The measures, set to take effect on October 1, are part of Trump’s push to revive American manufacturing and protect national security.
The White House said the move targets countries that are “flooding” the US market with low-cost products. Trump insisted the decision would help bring back jobs in industries such as pharmaceuticals, furniture, and truck manufacturing, which have declined in recent decades.
However, the new tariffs have raised global concerns, casting a shadow over economic growth and paralyzing business decisions worldwide. Stock markets in Asia dropped following the announcement, with pharmaceutical and furniture shares sliding in Japan, Australia, Hong Kong, India, and China.
Foreign governments reacted swiftly. Australia called the tariffs “unfair and unjustified,” while Japan said it was still assessing the potential fallout. The European Union and Japan are expected to seek exemptions under existing trade agreements that cap tariff rates.
Industry groups also expressed alarm. The Pharmaceutical Research and Manufacturers of America warned that tariffs could undermine billions of dollars in new US investments, while Vietnam’s furniture industry said the decision shocked exporters who rely heavily on American buyers.
Economists say the tariffs may further fuel inflation in the US, especially as higher costs for trucks could push up transportation and grocery prices. Business groups like the US Chamber of Commerce have opposed the move, arguing that many imports particularly trucks from allies such as Mexico and Canada pose no national security risk.
Despite these warnings, the Trump administration continues to use tariffs as a key foreign policy tool, both to pressure trading partners and as a source of revenue. Officials estimate Washington could collect $300 billion in tariff income by year’s end.
The decision follows earlier probes into imports ranging from semiconductors and wind turbines to medical equipment, signaling that more tariff actions may follow.
