US President Trump said Thursday that he will put import taxes of 100% on pharmaceutical drugs, 50% on kitchen cabinets and bathroom vanities, 30% on upholstered furniture and 25% on heavy trucks starting on Wednesday. Trump’s devotion to tariffs did not end with the trade frameworks that were launched in August, a reflection of the president’s confidence that taxes will help to reduce his government’s budget deficit while increasing domestic manufacturing. But the additional tariffs risk intensifying inflation that is already elevated, as well as slowing economic growth. …Trump said that foreign manufacturers of furniture and cabinetry were flooding the US with their products and that tariffs must be applied “for National Security and other reasons.” The new tariffs on cabinetry could further increase the costs for homebuilders when many people seeking to buy a house feel priced out by the mix of housing shortages and high mortgage rates.

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