President Donald Trump on Thursday announced a new round of punishing tariffs, saying the United States will impose a 100% tariff on imported branded drugs, 25% tariff on imports of all heavy-duty trucks and 50% tariffs on kitchen cabinets.<\/p>\n
Trump also said he would start charging a 30% tariff on upholstered furniture next week.<\/p>\n
He said the new heavy-duty truck tariffs were to protect manufacturers from \u201cunfair outside competition\u201d and said the move would benefit companies such as Paccar-owned PCAR.O Peterbilt and Kenworth and Daimler Truck-owned DTGGe.DE Freightliner.<\/p>\n
Trump has launched numerous national security probes into potential new tariffs on a wide variety of products.<\/p>\n
He said the new tariffs on kitchen, bathroom and some furniture were because of huge levels of imports that were hurting local manufacturers.<\/p>\n
\u201cThe reason for this is the large-scale ‘FLOODING’ of these products into the United States by other outside Countries,\u201d Trump said, citing national security concerns about U.S. manufacturing.<\/p>\n
The U.S. Chamber of Commerce urged the department not to impose new tariffs, noting the top five import sources are Mexico, Canada, Japan, Germany and Finland \u201call of which are allies or close partners of the United States posing no threat to U.S. national security.\u201d<\/p>\n
Mexico is the largest exporter of medium- and heavy-duty trucks to the United States. A study released in January said imports of those larger vehicles from Mexico have tripled since 2019.<\/p>\n
Higher tariffs on commercial vehicles could put pressure on transportation costs just as Trump has vowed to reduce inflation, especially on consumer goods such as groceries.<\/p>\n
Tariffs could also affect Chrysler-parent Stellantis STLAM.MI, which produces heavy-duty Ram trucks and commercial vans in Mexico. Sweden\u2019s Volvo Group VOLVb.ST is building a $700 million heavy-truck factory in Monterrey, Mexico, set to start operations in 2026.<\/p>\n
Mexico is home to 14 manufacturers and assemblers of buses, trucks, and tractor trucks, and two manufacturers of engines, according to the U.S. International Trade Administration.<\/p>\n
The country is also the leading global exporter of tractor trucks, 95% of which are destined for the United States.<\/p>\n
\u201cWe need our Truckers to be financially healthy and strong, for many reasons, but above all else, for National Security purposes!\u201d Trump added.<\/p>\n
Mexico opposed new tariffs, telling the Commerce Department in May that all Mexican trucks exported to the United States have on average 50% U.S. content, including diesel engines.<\/p>\n
Last year, the United States imported almost $128 billion in heavy vehicle parts from Mexico, accounting for approximately 28% of total U.S. imports, Mexico said.<\/p>\n
The Japanese Automobile Manufacturers Association also opposed new tariffs, saying Japanese companies have cut exports to the United States as they have boosted U.S. production of medium- and heavy-duty trucks.<\/p>\n<\/p>\n
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