President Trump announced new tariffs on pharmaceuticals, heavy trucks and furniture, including a 100% duty on patented drugs, unless the producer is building a manufacturing plant in the US.

Thursday's move is one of Trump's new industry-focused duties and shows the rapid expansion of his tariff regime.

The tariffs range from 30% to 100% on the products, with exceptions for pharmaceuticals where the producer "IS BUILDING their Pharmaceutical Manufacturing Plant in America." Trump has long previewed the pharma tariffs, but the other goods represent new trade targets.

The US is also planning to ask chipmakers to manufacture at home as many chips as their customers import in a bid to curb reliance on foreign supply. The Trump administration would levy tariffs on firms that do not maintain a 1:1 ratio over time, a report said.

Earlier in the week, Trump floated using revenue the US has accrued from his tariffs to offer bailouts to farmers struggling with the early effects of the duties.

Trump said farmers are, "for a little while, going to be hurt until the tariffs kick into their benefit."

It's unclear what mechanism the administration would use to provide relief to farmers, and it could run into issues with a looming Supreme Court review of the tariffs. An unfavorable ruling to the administration, which would follow lower court decisions, could force the administration to refund billions of dollars of that revenue.

Elsewhere, the US and China are reportedly in the final stages of negotiations for a "huge" Boeing (BA) aircraft deal that could end up as a "centerpiece" of a broader trade agreement.

The US and China have made progress toward various contours of a broader deal following a call between Trump and China's President Xi Jinping last week. Trump said after that call that the countries had reached an agreement to spin off the TikTok app in the US, with the White House later naming Oracle (ORCL) as part of the consortium of investors.

Trump said the two leaders plan to conduct a series of meetings in the coming months, as Yahoo Finance's Ben Werschkul reported.

Read more: What Trump's tariffs mean for the economy and your wallet

Here are the latest updates as the policy reverberates around the world.

President Trump's announcement that he will impose tariffs on pharma imports, which includes a 100% duty on patented drugs, unless the producer is building a manufacturing plant in the US. Those tariffs will come alongside duties on heavy trucks, kitchen cabinets, and furniture items.

Trump posted on Truth Social that the tariffs would come into effect on Oct. 1, 2025.

Trump's post was one of several that focused on industry-specific tariffs. Imported heavy trucks will be subject to a 25% duty, kitchen cabinets and bathroom vanities will be hit with a 50% levy, and upholstered furniture imports will be taxed at 30%.

This latest move from Trump is a sign of the rapid expansion of his tariff agenda. Both markets and analysts have already started to react.

Bloomberg News reports:

Most European drugmakers slumped in early trading, led by a drop of as much as 3.1% in Novo Nordisk (NVO, NOVO-B.CO) A/S. GSK Plc (GSK, GSK.L) slid as much as 1.1%, while AstraZeneca Plc (AZN, AZN.L) fell as much as 1.6%.

“Trump is never going to be done with tariffs,” Deborah Elms, head of trade policy at Hinrich Foundation, said on Bloomberg Television.

Trump’s posts offered no further details. The pharmaceuticals plan, as described by the president, may allow for wide exemptions for companies with presences in the US. The White House did not immediately respond to a request for more specifics.

The levy on branded pharmaceuticals may raise the average US tariff rate by up to 3.3 percentage points, according to Bloomberg Economics, though the impact may be offset by the exemption for companies building local manufacturing facilities. Singapore and Switzerland are the countries most exposed to the move.

Major drugmakers, including Merck & Co., AstraZeneca and Johnson & Johnson, have announced billions of dollars in planned US manufacturing investments in the months since Trump’s inauguration, following the president’s repeated threats to impose levies on drugs imported from overseas.

“The actual comment from the President is direct but its impact may be somewhere between nebulous and negligible,” Mizuho Securities health-care specialist Jared Holz said in a note. “All major players have some production presence domestically and almost all have announced increased investment directly tied towards local manufacturing.”

Still, some could be left vulnerable. Multinational drugmakers have said they primarily rely on plants in the US to supply the domestic market, but not all of them have broken ground on their promised expansions.

Read more here.

Concerns around whether people would boycott US products grew after President Trump announced tariffs earlier this year. However, it seems foreign investors buying US equities \\"Buy America\\" was key.

Bloomberg News reports:

When it comes to US equities, the opposite happened. Foreign purchases rose to a record in the second quarter, according to Federal Reserve Board data. Demand has been so brisk that stocks now make up nearly 32% of foreigners allocations to US assets — breaking a record that’s been in place since 1968.

While data show that foreigners have scaled back on travel to the US along with some purchases of US-made products, the American stock market has proven too enticing to quit. Part of that owes to the dominance of firms chasing riches in artificial intelligence, which has swelled the share prices of Nvidia Corp., Microsoft Corp. and Alphabet Inc., among others. And while they have been buying stocks, foreign investors have sent the dollar sharply lower, perhaps hedging exposure to the US.

Read more here.

Daimler Truck (DTG.DE, DTRUY) and Traton (8TRA.ST) shares fell on Friday after President Trump announced tariffs on heavy-duty trucks.

Bloomberg News reports:

Together with a barrage of tariffs in other sectors, including on pharmaceuticals, Trump said on Thursday the U.S. would impose duties of 25% on imports of heavy-duty trucks from October 1.

Daimler Truck's stock was down 3.3% at 0952 GMT, making it the biggest decliner in Germany's blue-chip index. Shares in Volkswagen-owned Traton, were 2.8% lower.

Citi said a 25% tariff on trucks assembled in Mexico would likely have a 700-800 million euro ($818-$934 million) impact on earnings for Daimler Truck, although the group could be able to absorb around half of that in the near term via price increases.

Neither Daimler Truck nor Traton export to the United States from Europe as they have factories in the U.S. and sites in Mexico that are covered by the USMCA free trade pact.

Analysts at Bernstein said it had not been explicitly said that Trump's announcement would apply to the USMCA-compliant Mexican sites, but that they assumed it to be the case.

\\"Finally, it's also not clear if the industry-specific tariffs will come on top of the country-based tariffs, although some countries including the EU have negotiated agreements that prevent tariff 'stacking',\\" the analysts said.

Read more here.

Reuters reports:

U.S. President Donald Trump insisted that South Korea would provide billions of dollars in investments \\"upfront\\", despite Seoul's contention that it would be plunged into a financial crisis if it met the U.S. demands without safeguards.

Trump's remarks contradict South Korea's understanding of its trade deal with the United States, however, a government official told Reuters, speaking on condition of anonymity because of the sensitivity of the talks.

\\"We have never thought about making the investments in lump sum,\\" the South Korean official added, adding that both South Korea and Japan intended to provide financing for projects only after a \\"capital call\\" made by the United States.

Read more here

The US plans to ask chipmakers to manufacture at home as many chips as their customers import in a bid to reduce reliance on foreign supply.

Reuters reports:

The Trump administration would levy tariffs on firms that do not sustain a 1:1 ratio over time, the report said, citing people familiar with the plan.

The plan stems from President Donald Trump's remarks last month that tech firms manufacturing domestically could avoid roughly 100% tariffs on semiconductors.

The move, tied to Trump's efforts to revive U.S. manufacturing, has motivated international companies to invest more, sending billions into the country.

U.S. Commerce Secretary Howard Lutnick floated the idea with semiconductor executives, telling them it might be necessary for economic security, the Journal said.

\\"America cannot be reliant on foreign imports for the semiconductor products that are essential for our national and economic security,\\" the newspaper cited White House spokesperson Kush Desai as saying, adding that any reporting about policymaking should be treated as speculative, unless officially announced.

Read more here.

In the most recent of a trio of posts on Truth Social, President Trump said the US would impose tariffs \\"on all Kitchen Cabinets, Bathroom Vanities, and associated products\\" alongside \\"a 30% Tariff on Upholstered Furniture.\\"

Trump cited a \\"FLOODING\\" of the products into the US from foreign countries as the reason behind the tariffs.

We will be imposing a 50% Tariff on all Kitchen Cabinets, Bathroom Vanities, and associated products, starting October 1st, 2025. Additionally, we will be charging a 30% Tariff on Upholstered Furniture. The reason for this is the large scale “FLOODING” of these products into the…

— Trump Truth Social Posts On X (@TrumpTruthOnX) September 25, 2025

Trump also posted \\"we will be imposing a 100% Tariff on any branded or patented Pharmaceutical Product, unless a Company IS BUILDING their Pharmaceutical Manufacturing Plant in America.\\"

Starting October 1st, 2025, we will be imposing a 100% Tariff on any branded or patented Pharmaceutical Product, unless a Company IS BUILDING their Pharmaceutical Manufacturing Plant in America. “IS BUILDING” will be defined as, “breaking ground” and/or “under construction.”…

— Trump Truth Social Posts On X (@TrumpTruthOnX) September 25, 2025

Trump's first post in the flurry of announcements was the declaration of a 25% on all heavy truck manufacturers. He declared that \\"Heavy (Big!) Trucks\\" from overseas would be targeted in the first move in that industry.

In order to protect our Great Heavy Truck Manufacturers from unfair outside competition, I will be imposing, as of October 1st, 2025, a 25% Tariff on all “Heavy (Big!) Trucks” made in other parts of the World. Therefore, our Great Large Truck Company Manufacturers, such as…

— Trump Truth Social Posts On X (@TrumpTruthOnX) September 25, 2025

President Trump on Thursday floated using some of the tariff revenue the US has taken in so far to provide cash bailouts to farmers struggling with the early effects of the duties.

\\"We're going to take some of that tariff money and give it to our farmers,\\" Trump said.

He admitted that farmers are, \\"for a little while, going to be hurt until the tariffs kick into their benefit.\\"

The administration has for weeks said it is looking into the potential relief for farmers, though it's unclear how they would attempt to provide it. The Trump administration provided billions in farmer aid during the trade wars of his first term, mostly due to the effects of retaliatory tariffs from China.

Trump: \\"We're gonna take some of that tariff money that we've made, we're gonna give it to our farmers who for a little while are going to be hurt until the tariffs kick in to their benefit.\\" pic.twitter.com/F3djjloDHB

— Aaron Rupar (@atrupar) September 25, 2025

Reuters reports

White House economic adviser Kevin Hassett on Thursday said the U.S. has made enormous progress on trade talks with China in the last few months but considerable work remains.

U.S. President Donald Trump and Chinese President Xi Jinping are discussing a range of things including Chinese purchases of Russia's oil exports, Hassett said in an interview with Fox Business Network. Washington has highlighted China and India as contributors to the Russia-Ukraine war due to their purchases of oil from Moscow.

U.S. Trade Representative Jamieson Greer and Treasury Secretary Scott Bessent are talking to their counterparts practically every day. \\"I feel like compared to a few months ago, we've made an enormous amount of progress,\\" Hassett said.

Read more here.

Trade Representative Maros Sefcovic said on Thursday that European automakers are set to save up to $700 million a month now that the EU-US trade deal is in place.

AP reports:

Trade Commissioner Maros Sefcovic said that the deal establishing a 15% tariff on most EU goods took effect with publication in the U.S. Federal Register instructing customs officials what to charge. That would reduce the tariff from a painfully high 27.5% rate set earlier by Trump.

The reduction eases a major burden on EU automakers and is a chief selling point for the deal as presented by European Commission President Ursula von der Leyen.

The deal is retroactive to Aug. 1 so “what we expect now is that the tariffs will be returned to the automakers as of the first of August, which is something like 500, 600 million euros per month,” Sefcovic said ahead of a meeting with Southeast Asian trade ministers in Kuala Lumpur, Malaysia.

The 15% tariff is still much higher than tariffs from before Trump took office, which averaged in the single digits, and the trade deal has been criticized by business associations and some members of the European Parliament.

Read more here.

When asked if China will start purchasing US soybeans again, a Chinese commerce ministry spokesperson said the US must remove \\"unreasonable tariffs\\" first.

Reuters reports:

China, the world's biggest buyer of soybeans, has yet to book any U.S. soybean cargoes from its autumn harvest, traders have said, opting for South American supply instead.

U.S. farmers stand to miss out on billions of dollars of soybean sales because of unresolved trade tensions that have halted exports to China.

Senior Chinese trade negotiator Li Chenggang on Monday met political and business leaders from the U.S. Midwest, where the bulk of American soybeans are harvested, signalling that the world's second-largest economy could purchase some American soybeans ahead of more wide-ranging trade talks.

However, disagreement on technical details appears to be complicating negotiations, with Chinese and U.S. trade officials set to meet again at the U.S. Treasury on Thursday.

\\"Regarding the trade of soybeans, the United States should take positive action to cancel the relevant unreasonable tariffs to create conditions for expanding bilateral trade,\\" commerce ministry spokesperson He Yadong told a news conference.

Read more here.

Reuters reports:

Philips (PHIA.AS, PHG) is actively engaged with policymakers in Washington about investigations into U.S. imports of medical technology items but does not expect an immediate impact from the probes, it said on Thursday.

The U.S. Department of Commerce said on Wednesday it had opened new national security investigations into the import of personal protective equipment, medical items, robotics and industrial machinery.

The so-called Section 232 investigations, which were opened on September 2 but not publicly disclosed previously, could be used as a basis for higher import tariffs on a wide swath of medical and industrial goods.

That could mean increased levies on imported face masks, syringes and infusion pumps as well as robotics and industrial machinery like programmable computer-controlled mechanical systems and industrial stamping and pressing machines.

\\"At this stage, details are limited, and a range of potential outcomes remain under discussion,\\" Philips told Reuters in an emailed statement.

Read more here.

China has urged its companies doing business in the US to not engage in a price war, a sign that Beijing is keen to maintain the fragile trade truce it has with Washington.

Bloomberg News reports:

Commerce Minister Wang Wentao made the comments in a meeting in New York on Tuesday with representatives from 10 Chinese firms in industries such as e-commerce, telecommunications and auto parts, the ministry said in a statement.

Wang said China and the US “have reached a series of important consensus results after several rounds of economic and trade consultations” and it was hoped that businesses understood the situation and “respond positively.” He also called on them to “oppose internal and external involution,” referring to intense competition sparked by excess capacity that forces people to overwork despite diminishing returns.

In July, China’s top leadership emphasized its determination to rein in the phenomenon. The decision-making Politburo vowed to ramp up its management of overcapacity in key industries, and pledged that local government practices in attracting investment would also be regulated.

Read more here.

The Trump administration is planning to launch an investigation into imports of robotics, industrial machinery and medical devices, a sign it could introduce new duties as President Trump looks to expand his tariff plans.

Bloomberg News reports:

The Department of Commerce is conducting the probes under Section 232 of the Trade Expansion Act, according to Federal Register notices. The inquiries started on Sept. 2. Under the law, which allows the president to tariff goods deemed critical to national security, the department has 270 days to deliver its policy recommendations.

The newly announced probes expand the potential sectors that could be exposed to tariffs, as Trump looks to encourage domestic manufacturing in key industries by hiking the cost of imports.

Investigations into imports of pharmaceuticals, semiconductors, aircraft, critical minerals, medium- and heavy-duty trucks, and other products are currently ongoing. The Trump administration has already used the law to impose levies on automobiles, copper, steel and aluminum.

Any levies resulting from the industry-specific probes would come in addition to Trump’s country-based tariffs, though some major economies such as the European Union and Japan have struck agreements to prevent the charges from stacking on top of one another.

Read more here.

The EU and the G7 are considering imposing a minimum price to promote rare earth production, as well as taxes on some Chinese exports with the aim of encouraging investment, according to Reuters.

Reuters reports:

Rare earths are difficult-to-extract metallic elements critical to the manufacture of products including cell phones, cars and high-tech weapons.

China, the world's leading producer of rare earths, surprised buyers in April when it introduced export controls on the materials and on related magnets, in retaliation for tariffs imposed by the United States.

After European automakers faced shutdowns, China agreed to fast-track licenses for European companies in May and \\"upgraded\\" its export mechanism to the EU in July. However, two months later European companies say rising license bottlenecks risk new losses and shutdowns.

Read more here.

South Korean President Lee Jae Myung told US Treasury Secretary Scott Bessent that implementing elements of the country's trade deal with the US needs to meet the interests of both countries.

Reuters reports:

Lee spoke to Bessent at the United Nations on the sidelines of the General Assembly on Wednesday, his chief secretary for policy, Kim Yong-beom, told a briefing in New York.

The meeting focused on the $350 billion package of investment from South Korea agreed in principle between Lee and U.S. President Donald Trump at a summit in July as part of a deal to lower tariffs against South Korean goods, Kim said.

\\"With regard to the investment package with the U.S., (Lee) expressed hope that the discussions would progress based on commercial rationality and in a direction that serves the interests of both countries,\\" Kim said.

Read more here.

Reuters reports:

President Donald Trump's administration said on Wednesday it was formally implementing the U.S. trade agreement with the European Union, confirming that a 15% duty rate for EU autos and auto parts began on August 1 and listing tariff exemptions for generic pharmaceuticals, aircraft and aircraft parts.

In a Federal Register notice, the Commerce Department and the U.S. Trade Representative's office said they have amended the tariff schedule to implement the framework agreement reached with the EU in July that lowers the Republican president's tariffs to 15% on most imports from the EU, including autos.

The deal was subsequently modified to make the duty rate retroactive to August 1, but European automakers have been waiting for weeks for the formal U.S. notice.

Read more here.

Reuters reports:

U.S. aircraft engines and parts, along with certain chemicals, could give the United States leverage in its talks with China, U.S. Treasury Secretary Scott Bessent said on Wednesday.

Bessent told Fox Business Network's \\"Mornings with Maria\\" program that rare earth minerals from China were flowing, but the U.S. was working to shore up supplies of certain strategic goods and products.

\\"We're not without levers on our side. We have plenty of products that they depend on us for,\\" Bessent said, listing aircraft engines and parts, along with certain chemicals and plastics, as well as the ingredients for silicon.

Read more here.

The EU's trade chief is looking to revive talks with the US on steel and aluminum tariffs. Maros Sefcovic said in an interview with Bloomberg on Wednesday that he will meet with US Trade Representative Jamison Greer this week to see if metals tariffs can be eliminated or significantly reduced.

Bloomberg News reports:

“The most logical step would be to proceed with a tariff-rate quota, with low or no tariffs,” Sefcovic said. “It would be premature to elaborate further because we so far haven’t received the response to this proposal, but we know that it’s very important for our industry and therefore we are permanently putting it on the table.”

Sefcovic and Greer will meet on the sidelines of the ASEAN ministerial summit in Kuala Lumpur, where the EU commissioner plans to raise the issue.

Read more here.

Reuters reports:

Vietnam's prime minister said Hanoi was pursuing new trade deals this year to mitigate the impact of tariffs imposed on its goods by the United States, its largest market.

The statement came days after estimates by the United Nations Development Programme showed U.S. duties risked slashing by up to one-fifth of Vietnam's exports to the United States, making it the hardest-hit country in Southeast Asia.

Exports \\"will face difficulties and challenges ... due to strategic competition, conflicts and the U.S.'s 'reciprocal' tariff policies,\\" Prime Minister Pham Minh Chinh said in a statement posted on the government's website on Wednesday.

He expected exports to grow more than 12% this year. Vietnam's exports in the year to September 15 rose 15.8% from a year earlier to $325.3 billion, according to government data.

Read more here.

India has said it wants to increase its purchase of oil and gas from the US, according to Commerce Minister Piyush Goyal.

The move may help to lower tariffs on New Delhi's exports and also aid in securing a trade deal.

This latest news comes after President Trump imposed 50% tariffs on India due to its purchase of Russian oil, which Trump said has aided the Ukraine war. It also follows Washingtons move last week, where they slapped $100,000 fees on new H-1B visa used mainly by Indian tech workers.

Bloomberg News reports:

“We expect to increase our trade with the US on energy products in the years to come,” Goyal said at an event in New York. “And being close friends, natural partners, our energy security goals will have a very high element of US involvement.”

The minister is visiting US to meet his counterparts after President Donald Trump imposed 50% tariffs on Indian exports last month, partly to penalize New Delhi for continuing to buy Russian oil. The move upended decades of US diplomacy with India and came amid favorable signs after resumption of trade talks.

Trump administration has maintained that India is helping to fund Vladimir Putin’s war in Ukraine. India has been the largest buyer of Russian seaborne crude as the discounted barrels have helped the world’s third largest oil consumer keep its import bill in check.

Stepping up oil and gas imports from the US will help reduce the trade imbalance between the two countries and bolster the trade negotiations.

Relations between New Delhi and Washington seemed to be back on track after Trump called Prime Minister Narendra Modi on his birthday. But it ran into rough weather again after Washington slapped a $100,000 fees on new H-1B visa used mainly by Indian tech workers.

Goyal said US had a crucial role to play in diversifying India’s energy security goals, and ensuring stability for the import-dependent nation.

Read more here.