WASHINGTON: 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 a 50% tariff on kitchen cabinets.
Trump also said he would start charging a 30% tariff on upholstered furniture next week.
He said the new heavy-duty truck tariffs were to protect manufacturers from "unfair outside competition" and said the move would benefit companies such as Paccar-owned, opens new tab Peterbilt and Kenworth and Daimler Truck-owned, opens new tab Freightliner.
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