The S&P 500 (SPX) is in positive territory on Friday despite a slew of new tariffs announced by President Trump.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
In a series of Truth Social posts, Trump said that the U.S. would begin charging a 50% tariff, effective October 1, on kitchen cabinets, bathroom vanities, and “associated products.” On top of that, upholstered furniture will face a 30% tariff.
“The reason for this is the large scale ‘FLOODING’ of these products into the United States by other outside Countries,” Trump said.
Trump Sets New Tariffs on Drugs, Trucks
Furthermore, Trump announced new tariffs on drugs and trucks. Any branded or patented pharmaceutical product will incur a 100% tariff, unless the drug manufacturer is building a pharmaceutical plant in the U.S. Trump defined “building” as “‘breaking ground’ and/or ‘under construction.’” In addition, imports of heavy trucks to the U.S. will be hit with a 25% tariff.
The benchmark index is holding steady as tariffs on home renovation goods threaten consumer spending, with the latest Personal Consumption Expenditures (PCE) inflation data providing support.
Stay ahead of macro events with our up-to-the-minute Economic Calendar — filter by impact, country, and more.