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President Donald Trump is moving forward with a wide range of new tariffs set to take effect on October 1 that will impact everything from pharmaceuticals to heavy-duty trucks.

Getting into it: In an announcement earlier this week, Trump confirmed he would impose a 100% tariff on all branded or patented pharmaceutical imports, a 25% tariff on heavy-duty trucks, a 50% tariff on imported kitchen and bathroom cabinets, and a 30% tariff on upholstered furniture. These levies will apply broadly to foreign-made goods unless companies can demonstrate they are building manufacturing facilities inside the US, with Trump specifying that exemptions only apply if ground has already been broken.

Trump says the reason for the sweeping tariffs is to protect US manufacturing jobs and to guard against what he described as a national security risk caused by overreliance on foreign supply chains, especially in critical industries like pharmaceuticals and transportation.

The real-world impact of these tariffs could be significant for both manufacturers and consumers. For example, a foreign-made heavy-duty truck that currently costs $150,000 could rise to nearly $187,500 after the 25% tariff is applied (before dealer markups and taxes). Likewise, a $150 imported branded drug could cost $300 under the 100% tariff, unless the manufacturer is exempt by having US production underway. While generic drugs appear to be excluded, branded medications (often used to treat chronic or serious conditions) could become significantly more expensive unless sourced from exempted or domestic suppliers.

This all comes as Trump maintains that these moves are about reclaiming control over critical industries and rebuilding the American manufacturing base.