WASHINGTON – President Donald Trump on Thursday announced sweeping new tariffs, including a 100% duty on branded pharma products and a 25% levy on heavy-duty trucks, in a bid to protect U.S. industries from what he described as unfair foreign competition.

The measures, which take effect on October 1, will also introduce a 50% tariff on kitchen cabinets and bathroom vanities and a 30% duty on upholstered furniture.

Trump accused foreign manufacturers of “dumping” cheap goods into the U.S. market and said the tariffs were justified on national security grounds. He did not specify whether allies such as the European Union or Japan would be exempt.

Financial markets responded immediately. Shares of Asian pharmaceutical companies dropped, while indexes tied to furniture makers also fell. Analysts warned that the truck tariffs could increase transportation and logistics costs, potentially fueling inflation at a time when the administration is trying to curb price growth.

The U.S. Chamber of Commerce criticized the move, noting that most heavy-duty trucks imported into the U.S. come from allied nations and do not pose a security threat. “These tariffs will raise costs for American businesses and consumers while doing little to fix trade imbalances,” a Chamber spokesperson said.

The decision reflects Trump’s renewed use of tariffs as leverage to push companies to expand U.S. manufacturing, a central theme of his presidency and re-election campaign.