US President Donald Trump on Thursday unveiled sweeping new import tariffs, including 100% duties on branded drugs and 25% levies on heavy-duty trucks, set to come into force next week.
The latest salvo, which Trump said was to protect the US manufacturing industry and national security, follows wide-ranging duties on trading partners of up to 50% and other targeted levies on imported products such as steel.
It’s the latest upheaval for global businesses already struggling with snarled supply chains, soaring costs and consumer uncertainty caused by Trump’s trade war. The barrage has cast a pall over global growth, while the Federal Reserve has said it is also contributing to higher US consumer prices.
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