U.S. President Donald Trump said Thursday that he will put import taxes of 100 per cent on pharmaceutical drugs, 50 per cent on kitchen cabinets and bathroom vanities, 30 per cent on upholstered furniture and 25 per cent on heavy trucks starting on Wednesday.
The posts on his social media site Truth Social did not mention whether the new levies would stack on top of existing national tariffs, but illustrated that Trump's devotion to tariffs did not end with the trade frameworks and import taxes already launched this year, including a Liberation Day announcement in April that sent markets reeling.
Additional tariffs risk intensifying U.S. inflation that is already elevated, as well as slowing economic growth, as employers getting used to Trump's previous import taxes grapple with new levels of uncertainty.
"We have begun to see goods prices showing through into higher inflation," Federal Reserve chair Jerome Powell warned in a recent news conference.
The consumer price index has increased 2.9 per cent over the past 12 months, up from an annual pace of 2.3 per cent in A
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