Trump unveils plans to slap tariffs on imported heavy trucks, pharmaceuticals, kitchen cabinets
U.S. President Donald Trump speaks to the press in the Oval Office of the White House in Washington, Thursday. AFP-Yonhap
U.S. President Donald Trump announced plans Thursday to impose tariffs on imported heavy trucks, pharmaceuticals, kitchen cabinets and other related products next month as he is leveraging tariffs to encourage foreign investments, increase state revenue and boost domestic manufacturing.
Trump made the announcement in a set of social media posts, citing security and other reasons, as Korean businesses have been closely watching developments in his administration's rollout and enforcement of new levies on foreign products.
The Trump administration plans to start imposing a 25 percent tariff on "all heavy trucks made in other parts of the world" Oct. 1, the president said, casting the move as an effort to protect American heavy truck manufacturers from "unfair" outside competition.
"Therefore, our Great Large Truck Company Manufacturers, such as Peterbilt, Kenworth, Freightliner, Mack Trucks, and others, will be protected from the onslaught of outside interruptions," he wrote on Truth Social.
"We need our Truckers to be financially healthy and strong, for many reasons, but above all else, for National Security purposes!" he added.
Also starting Oct. 1, the administration will impose a 100 percent tariff on any "branded or patented" pharmaceutical products unless companies are building their manufacturing plants in America, Trump said.
"'IS BUILDING' will be defined as, 'breaking ground' and/or 'under construction.' There will, therefore, be no Tariff on these Pharmaceutical Products if construction has started," he said in a separate post.
On the same day, the U.S. plans to start imposing a 50 percent tariff on all kitchen cabinets, bathroom vanities and associated products, and a 30 percent duty on upholstered furniture, he said.
"The reason for this is the large scale 'FLOODING' of these products into the United States by other outside Countries," he wrote on Truth Social. "It is a very unfair practice, but we must protect, for National Security and other reasons, our Manufacturing process."