In a trio of posts on Truth Social on Thursday evening, President Trump stated the US would impose a slew of tariffs starting Oct. 1. Trump stated imported kitchen cabinets, bathroom vanities, pharmaceutical imports, and heavy trucks will be taxed in the latest shift to attempt to force more manufacturing onto US soil.
The tariffs range from 30% to 100% on the products, with exceptions for pharmaceuticals where the producer “IS BUILDING their Pharmaceutical Manufacturing Plant in America.” Trump has long previewed the pharma tariffs, but the other goods represent new tarreceives in his expanding tariff agfinisha.
Earlier Thursday, Trump floated utilizing revenue the US has accrued from his tariffs to offer bailouts to farmers struggling with the early effects of the duties.
Trump stated farmers are, “for a little while, going to be hurt until the tariffs kick into their benefit.”
It’s unclear what mechanism the administration would apply to provide relief to farmers, and it could run into issues with a looming Supreme Court review of the tariffs. An unfavorable ruling to the administration, which would follow lower court decisions, could force the administration to refund billions of dollars of that revenue.
Meanwhile, the administration has launched an investigation into imports of robotics, industrial machinery, and medical devices.
Elsewhere, US Treasury Secretary Scott Bessent on Wednesday touted US “levers” that he stated could give the Trump administration an upper hand toward striking a broad trade deal with China, a key focus of the administration this fall.
The US and China are in the final stages of neobtainediations for a “huge” Boeing (BA) aircraft deal that could finish up as a “centerpiece” of a broader trade agreement between the nations.
The US and China have built progress toward various contours of a broader deal following a call between Trump and China’s President Xi Jinping. Trump stated after that call that the countries had reached an agreement to spin off the TikTok app in the US, with the White Hoapply later naming Oracle (ORCL) as part of the consortium of investors.
Here are the latest updates as the policy reverberates around the world.
LIVE1910 updates
Trump declares Oct.1 date for new tariffs furniture, kitchen cabinets, and 100% tariffs on pharma imports
In a trio of posts on Truth Social, President Trump stated the US would impose tariffs “on all Kitchen Cabinets, Bathroom Vanities, and associated products” alongside “a 30% Tariff on Upholstered Furniture.”
Trump cited a “FLOODING” of the products into the US from foreign countries as the reason behind the tariffs.
Trump also posted “we will be imposing a 100% Tariff on any branded or patented Pharmaceutical Product, unless a Company IS BUILDING their Pharmaceutical Manufacturing Plant in America.”
Trump floats bailouts for farmers utilizing tariff revenue
President Trump on Thursday floated utilizing some of the tariff revenue the US has taken in so far to provide cash bailouts to farmers struggling with the early effects of the duties.
“We’re going to take some of that tariff money and give it to our farmers,” Trump stated.
He admitted that farmers are, “for a little while, going to be hurt until the tariffs kick into their benefit.”
The administration has for weeks stated it is seeing into the potential relief for farmers, though it’s unclear how they would attempt to provide it. The Trump administration provided billions in farmer aid during the trade wars of his first term, mostly due to the effects of retaliatory tariffs from China.
White Hoapply adviser Hassett cites enormous progress on China-US trade talks
Autocreaters to save $700M a month as trade deal with US takes effect
Trade Representative Maros Sefcovic stated on Thursday that European autocreaters are set to save up to $700 million a month now that the EU-US trade deal is in place.
China signals that purchases of US soybeans hinge on tariff removal
When inquireed if China will start purchasing US soybeans again, a Chinese commerce minisattempt spokesperson stated the US must reshift “unreasonable tariffs” first.
China urges its companies to avoid taking price wars to the US
China has urged its companies doing business in the US to not engage in a price war, a sign that Beijing is keen to maintain the fragile trade truce it has with Washington.
US sets stage for tariffs on robotics, medical devices
The Trump administration is planning to launch an investigation into imports of robotics, industrial machinery and medical devices, a sign it could introduce new duties as President Trump sees to expand his tariff plans.
G7 weighs price floors for rare earths to counter China’s dominance
The EU and the G7 are considering imposing a minimum price to promote rare earth production, as well as taxes on some Chinese exports with the aim of encouraging investment, according to Reuters.
South Korea’s Lee and Bessent discuss conditions for US tariff deal
South Korean President Lee Jae Myung informed US Treasury Secretary Scott Bessent that implementing elements of the counattempt’s trade deal with the US necessarys to meet the interests of both countries.
EU creates fresh push with US to revive talks on metals tariffs
The EU’s trade chief is seeing to revive talks with the US on steel and aluminum tariffs. Maros Sefcovic stated in an interview with Bloomberg on Wednesday that he will meet with US Trade Representative Jamison Greer this week to see if metals tariffs can be eliminated or significantly reduced.
India declares it wants to purchase more US energy in bid to lower tariffs
India has stated it wants to increase its purchase of oil and gas from the US, according to Commerce Minister Piyush Goyal.
The shift may assist to lower tariffs on New Delhi’s exports and also aid in securing a trade deal.
This latest news comes after President Trump imposed 50% tariffs on India due to its purchase of Russian oil, which Trump stated has aided the Ukraine war. It also follows Washingtons shift last week, where they slapped $100,000 fees on new H-1B visa applyd mainly by Indian tech workers.
Greer: US could finalize deals with Southeast Asian countries within weeks
US Trade Representative Jaimeson Greer stated that trade deals with some Southeast Asian countries are expected within weeks as President Trump’s policies prompt a wave of efforts to attempt and lower tariffs.
Fed’s Powell: Tariff inflation has been ‘later and less’ than expected
Fed Chair Powell stated Tuesday that businesses passing higher costs from tariffs on to consumers has been “later and less than we expected.”
Still, he noted that tariffs are driving up inflation “a bit” and that it’s something the central bank is watching closely as it balances inflation risks with risks to employment.
Much of the attention in discussions about the effects of tariffs has been focapplyd on the rising cost of goods. However, Powell pointed out that US trade and economic policies may be affecting hiring decisions as well.
“Job creation has dropped very sharply. So why is that?” Powell stated. “I believe part of it just is there’s a lot of uncertainty about the direction of public policy, and so companies are holding off. They’re not hiring. And when you don’t hire through attrition, your labor force shrinks, and you save money that way.”
“That may be a way of passing on tariff costs,” Powell stated.
Full impact of US tariff shock yet to come as growth holds up: OECD
The OECD warned on Tuesday that despite global growth holding up better than expected, the full extent of President Trump’s tariffs has yet to be seen.
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