US President Donald Trump has said 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 October 1.

Trump said on Truth Social that the pharmaceutical tariffs would not apply to companies that are building manufacturing plants in the US, which he defined as either “breaking ground” or being “under construction”. It was unclear how the tariffs would apply to companies that already have factories in the US.