President Trump announced that the U.S. would impose a new round of tariffs, including a 100% tariff on pharmaceutical drugs, a 30% tariff on upholstered furniture, a 50% tariff on kitchen cabinets and bathroom vanities, and a 30% tariff on heavy trucks.

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Donald Trump has signed an order to impose tariffs imports into the U.S. from countries including China, Mexico and Canada.

Global Tariffs

President Trump has announced new import tariffs targeting several categories, including a 100 percent tariff on branded or patented pharmaceuticals, 30 percent on upholstered furniture and heavy trucks, and 50 percent on kitchen cabinets and bathroom vanities. These tariffs are set to take effect soon, with exemptions for generic drugs and pharmaceutical companies expanding manufacturing in the United States.

Analysts expect the impact on drug prices to be moderate, as generic drugs—which account for the majority of prescriptions—are exempt. The White House has published a list of companies eligible for exemptions. Despite the tariffs and a weakening labor market, consumer spending has increased, driven primarily by higher-income households, while lower-income consumers are spending more cautiously.

Explaining new tariffs on pharmaceuticals, furniture and more

In a surprise move, President Trump announced new import taxes on pharmaceuticals, home furnishings, and heavy-duty trucks. It comes as fresh economic data shows inflation ticking up, but consumers are still spending. Joining us now from Los Angeles is CBS' senior business and technology correspondent, JoLyn Kent. JoLyn, feels like we need a scorecard to keep track of all these tariffs coming and going, but take us through these new ones that were announced. Yeah, there's basically four categories here, Maurice. We're looking at pharmaceuticals at a 100 percent tariff on branded or patented pharmaceuticals, 30 percent on upholstered furniture, as well as 50 percent on kitchen appliances, or kitchen cabinets, I should say, and bathroom vanities, and then 30 percent on heavy trucks. So, as we look through this, the president says that this would go into effect next week, which is October 1st, and he said that there would actually be an exception for drug companies who are building what they say are expansions here in the United States, breaking ground or under construction, as well as exemptions for generics, which is a very key point, Maurice. So, what about drug prices here in the U.S.? How will all of this affect that? That's a big deal. Yeah, so I mentioned generic drugs, right? They actually account for 91 percent, 9 out of 10 prescriptions filled here in the U.S., and because generics are expected to be exempt, the impact of that particular new announcement is probably not a big one. Many major pharma companies, we're talking Eli Lilly, Novartis, AbbVie, Regeneron, and many, many others have announced new investments in the United States, so you can expect those companies to be exempt, so those prices may actually hold, but analysts expect, you know, a moderate price impact, and the White House, they are keeping track. They've got a list of companies publicly available that are making these, quote, new investments, and there are more than a dozen pharma companies on that list, Maurice. And then, JoLynn, consumer spending actually rose 0.6 percent, way more than was expected. What is driving that? The economy essentially is still moving along, even though we've got tariffs, we've got a weakening labor market, and then, of course, the wider uncertainty, small businesses not knowing what to do, right? And so we've got people spending on the essentials, of course, but also going out, transportation, travel, and, of course, services like insurance, but if you peel back the curtain on the broader data set and you look at what's coming out from the Bureau of Economic Analysis, you will see something interesting and maybe not surprising. The economy is being driven by those who are doing better. Wealthier consumers who are spending on traveling and dining out, and so those who are doing well continue to spend. Those who are making less money are holding on tighter, Maurice. Very interesting. Those numbers tell the story. JoLynn Kent, thank you so much.

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Explaining new tariffs on pharmaceuticals, furniture and more

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