In a Truth Social post Thursday night, the President announced the imposition of new tariffs on three product categories. Certain pharmaceuticals are slated to be assessed a 100% tariff, with some exceptions allowed for producers “building pharmaceutical plants in the US”.
Heavy trucks will be subject to a 25% tariff, similar to the tariffs in place for passenger vehicles and light trucks.
In response to perceived flooding of the US market, the President has decided to implement a 50% tariff on kitchen cabinets, bathroom vanities, and related products. Upholstered furniture will be assessed a 30% tariff under the same action.
While details and guidance have not been issued, the post provided an Oct 1 implementation date. There are a number of unanswered questions on these tariffs, including their full scope and how they will be applied. We are assuming that if these new tariffs are assessed on a product, the reciprocal tariff would be exempted, but we are awaiting the details. The post did not mention a time period exemption for goods in transit, but certainly one may be established in the final rule.
We are awaiting further guidance, including the new provisional numbers. We will provide more information as the details become available.
Best Regards,
Sam McClure, LCB
Director of Compliance & Customs Services