Trump To Put Import Taxes On Pharmaceutical Drugs, Furniture, And More

President Trump says the changes are necessary "national security and other reasons."

President Trump announced plans to place import taxes on pharmaceutical drugs, furniture and heavy trucks.

The tariffs will involve 100% taxes on pharmaceutical drugs, 50% on kitchen cabinets and bathroom vanities, as well as 30% on upholstered furniture and 25% on heavy trucks.

The changes are set to take effect on October 1. The president says they are necessary “national security and other reasons.”

The move reflects the president’s confidence that taxes will help to reduce the government’s budget deficit while increasing domestic manufacturing.