President Donald Trump has announced a new wave of tariffs, including a 100 per cent tax on imported branded drugs unless the company builds manufacturing plants in the US.

He also unveiled a 25 per cent tariff on heavy-duty trucks and a 50 per cent levy on kitchen and bathroom cabinets to shield American industries from what he calls a “flooding” of foreign products. The tariffs extend to upholstered furniture, which will face a 30 per cent duty starting next week.

Despite strong opposition from US businesses and the Chamber of Commerce, who warn these tariffs could increase costs due to reliance on parts from close allies like Mexico and Canada, Trump insists these steps are necessary to boost American jobs and industry.