The Latest Tariff News

22 Oct The Latest Tariff News

The Trump administration has announced that as of the beginning of October, it will start assessing and discussing the following tariffs:

• 100% on pharmaceuticals;
• 50% tariff on kitchen cabinets and bathroom vanities;
• 30% on upholstered furniture; and
• 25% tariff on heavy trucks.

At this point in time, the tariff on pharmaceuticals will not apply to generic drugs or pharmaceutical companies that are either breaking ground or in the process of constructing a drug manufacturing plant in the U.S.

In addition, the Trump administration has announced the following:

• The expansion of Section 232 tariffs which means more imported auto parts and metals will be subject to the existing 25% tariff;
• A revised reciprocal tariff policy that may allow for lower tariffs on certain goods from partner nations that strike trade deals addressing U.S. concerns about reciprocity and security;
• A new trade agreement with Japan of a 15% baseline tariff on most Japanese imports, with sector-specific rules for certain industries; and
• The possibility of a 100% tariff on foreign films.

Whilst these announcements aim to boost U.S. manufacturing and national security, critics argue they increase costs and harm U.S. businesses. We will keep you updated of further changes in upcoming issues of our newsletter.

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