It looks like President Donald Trump is on a tariff spree. Trump has announced a new wave of tariffs, including a 100% levy on branded or patented drug imports from Oct. 1 unless a company is building a factory in the U.S.
In 2025, Trump has made tariffs a centerpiece of his economic agenda, significantly increasing trade duties under Section 232 of the Trade Expansion Act. In February, he reinstated and expanded tariffs on steel and aluminum imports, raising rates to 50% and removing country exemptions.
These tariffs, justified on national security grounds, now apply to a broader range of downstream metal products. In July, he also imposed new 50% tariffs on copper and copper-based goods, again citing national security. But this just seems to be the start.
Washington, D.C., will also impose a 25% import tax on all heavy-duty trucks and 50% levies on kitchen and bathroom cabinets, the president said as he unveiled the industry-focused measures.
“The reason for this is the large scale ‘FLOODING’ of these products into the United States by other outside Countries,” Trump wrote on his Truth Social platform on Thursday, citing the need to protect U.S. manufacturers.
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Neil Shearing, chief economist at Capital Economics, said the tariff announcement on pharmaceuticals was “not quite as big a move as it appears at first sight.”
“Many of the world’s largest pharmaceutical companies either already have some production in the U.S. or have announced plans to build production in the near future,” he said.
William Bain, head of trade policy at the British Chambers of Commerce, said: “The UK’s leading pharmaceutical companies have committed to significant investment in the U.S., including in advanced manufacturing. We believe this should give them protection from any new duties.”
The tariffs on heavy trucks would protect U.S. manufacturers from “unfair outside competition” and the duties would help lift American companies such as Peterbilt and Mack Trucks and the new levies on kitchen and bathroom cabinets, as well as some other furniture, were in response to high levels of imports, which hurt local manufacturers, the Trump said.
Trump’s aggressive tariffs seem to be putting India in a bind. According to a Bloomberg report, Indian officials, during their U.S. visit this week, reiterated their stance to the Trump administration regarding oil imports. They suggested that any substantial decrease in Russian oil purchases by Indian refiners would necessitate Washington’s approval for crude imports from Iran and Venezuela, both currently under sanctions, the report said.
India, faced with 25% additional penal tariffs for its crude trade with Russia, has asked the U.S. to allow oil imports from Iran and Venezuela.
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By imposing steep tariffs on a wide range of imported goods, from steel, aluminum, and copper to pharmaceuticals, heavy trucks, and household furniture, his administration aims to safeguard domestic industries deemed vital for national security and economic resilience. These measures are designed to discourage reliance on foreign suppliers, encourage onshoring of manufacturing, and protect American jobs from what Trump describes as unfair foreign competition and flooding of cheap imports.
While some industry experts argue that certain sectors, like pharmaceuticals, may be less impacted due to existing or planned U.S. production, the overall approach signals a tougher stance on global trade relations. This policy could lead to increased costs for consumers and companies dependent on imported materials but also incentivizes investment in U.S. manufacturing capabilities.
This situation with India illustrates the broader complexities and unintended consequences of aggressive tariff policies. While aimed at protecting domestic industries and advancing national security, such measures can disrupt established global supply chains and create tensions with key allies. Countries like India, caught between complying with U.S. trade rules and meeting their own economic demands, may seek exemptions or negotiate terms to avoid economic hardship.