Trump tariffs live updates: Trump unveils tariffs on timber, lumber, furniture; Pfizer set for reprieve
President Trump on Monday night announced tariffs of 10% on softwood timber and lumber alongside a 25% tariff on "certain upholstered wooden products" due to take effect on Oct. 14, according to the White House.
This was the latest set of tariffs to be announced impacting the furniture industry, after Trump posted last week about a flurry of tariffs on kitchen cabinets, vanities, and other upholstered products on that will take effect Oct. 1.
Trump said the lumber tariffs will help "strengthen supply chains" and "bolster industrial resilience." Yet home builders have warned this could deter investments in new homes and renovations. Canada is also set to be hit hard by the order, as it's the US's largest wood supplier and already subject to duties of over 35%.
Earlier Monday, Trump said he would impose 100% tariffs on foreign films and "substantial" duties on furniture imports, part of a revived tariff blitz in recent days.
Other planned new tariffs include pharmaceuticals, including a 100% duty on patented drugs unless the producer builds a plant in the US or the country has a trade deal that covers drugs. Pfizer (PFE) on Tuesday announced it had received a three-year reprieve from those tariffs as part of a deal with the administration to sell some drugs at a discounted rate, prompting speculation of similar deals to come.
Elsewhere, the US and China have made progress toward various contours of a broader deal following a call between Trump and China's President Xi Jinping. Trump said after that call that the countries had reached an agreement to spin off the TikTok app in the US.
Trump said the two leaders plan to conduct a series of meetings in the coming months, as Yahoo Finance's Ben Werschkul reported.
Read more: What Trump's tariffs mean for the economy and your wallet
Here are the latest updates as the policy reverberates around the world.
LIVE COVERAGE IS OVER 1933 updates- Brett LoGiurato
Pfizer gets 3-year reprieve from Trump pharma tariffs
- Jenny McCall
Trump to keep tariff probes running through government shutdown
President Trump will continue with tariff probes despite a potential government shutdown.
Bloomberg News reports:
- Jenny McCall
Staying put in Vietnam, furniture exporters bet US consumers will absorb tariff blow
- Jenny McCall
SNB stepped in to stem tariff-fueled surge in Swiss franc
- Jenny McCall
Japan's output falls as US tariffs drag on global outlook
Japan's factory output fell more than expected, and retail sales declined for the first time in over three years in August due to tariffs and economic uncertainty.
Reuters reports:
- Jenny McCall
Trump timber and lumber tariffs set to hit home industry and Canada hardest
President Trump's new 10% tariffs on softwood timber and lumber — as well as 25% levies on kitchen cabinets, vanities, and upholstered wood products — represent his latest bid to use import taxes to bolster domestic manufacturing.
However, home builders have warned that these tariffs could deter investments in new houses and renovations. Trump said this latest move will help “strengthen supply chains, bolster industrial resilience, create high-quality jobs and increase domestic capacity utilization for wood products.” But analysts have warned it could hinder the effectiveness of the president's campaign to boost homebuying by pressuring the Fed to lower rates.
Bloomberg reports:
- Rian Howlett
Trump announces tariffs of 10% on softwood timbe, lumber alongside 25% tariff on upholstered wood products
President Trump announced new tariffs impacting the furniture industry late Monday night with a proclamation released via the White House website.
The announcement says the US will set tariffs on softwood timber and lumber of 10%, as well as duties of 25% on "certain upholstered wooden products." There was no indication as to what specific upholstered wooden products will be impacted.
The tariffs are due to take effect as of 12:01 a.m. ET on October 14, 2025. Additionally, the proclamation set a date to increase certain tariffs.
- Grace O'Donnell
Trump to impose 'substantial' tariffs on countries that do not make furniture in the US
President Trump also teased a broader set of forthcoming tariffs on countries that import furniture to the US on Monday.
In a post on social media, he wrote: "In order to make North Carolina, which has completely lost its furniture business to China, and other Countries, GREAT again, I will be imposing substantial Tariffs on any Country that does not make its furniture in the United States. Details to follow!!!"
Last Thursday, Trump announced that he would impose a 50% tariff on kitchen cabinets, bathroom vanities, and related products, beginning Oct. 1, and a 30% tariff on upholstered furniture.
- Grace O'Donnell
Trump to impose 100% tariff on foreign-made movies
President Trump announced on Monday that he will following through on a threat to impose a 100% tariff on any movies made outside the United States.
"Our movie making business has been stolen from the United States of America, by other Countries, just like stealing 'candy from a baby,'" Trump posted on Truth Social. "Therefore, in order to solve this long time, never ending problem, I will be imposing a 100% Tariff on any and all movies that are made outside of the United States."
As movies are considered a service and not a good, which many of Trump's other trade policies have centered on, it's unclear how the mechanics of the tariff will work. Trump first proposed a tariff on movies in May, stating that Hollywood and other movie-making regions in the US were "being devastated" by other countries offering incentives to filmmakers.
According to the American Action Forum, the US movie industry maintains a trade surplus of between $14.9 billion and $15.3 billion. The US film industry is also still considered dominant, as the top 10 largest film studios are based in the US and have accounted for over 85% of the domestic box office since 1995.
- Jenny McCall
Taiwan must help US to make half its chips: Lutnick
Washington has demanded that Taiwan move investment and chip production to the US so that half of American demand is manufactured locally.
Bloomberg News reports:
- Jenny McCall
Under Trump, US cedes its share of China's beef market to Australia
- Jenny McCall
Trump’s $900B funding demands face Korea, Japan caution
President Trump's trade deals with South Korea and Japan face fresh hurdles as both Seoul and Tokyo push back on their investment pledges in the US.
South Korea agreed in July to a $350 billion investment promise as part of a trade deal to lower US tariffs to 15% from 25%, and Japan pledged a similar investment worth $550 billion. But the deals now appear to be in jeopardy.
Bloomberg News reports:
- Jenny McCall
AstraZeneca to switch to direct US listing and pledges $50B US investment to avoid tariffs
AstraZeneca (AZN) plans to list its shares on the New York Stock Exchange and has pledged a $50 billion investment in US manufacturing by 2030 in a bid to attract more global investors but also avoid hefty tariffs on pharmaceutical imports.
Reuters reports:
- Jenny McCall
China Inc.’s already low profit margins at risk from US tariffs
- Reuters
South Korea says it can't pay the US $350 billion upfront as Trump suggested
Despite a "handshake deal" the two countries made in July to lower US tariffs on South Korea, a top aide to South Korea's president said the country can't afford to make the payment upfront, as US President Trump has suggested, Reuters reports:
- Associated Press
US soybean farmers feeling the impact of Trump's trade war with China
China has stopped buying US soybeans amid a rising trade war with Washington, the Associated Press reports, and farmers are feeling anxious:
- Amalya Dubrovsky
Trump considering tariffs on electronics imports based on number of chips
Reuters reports:
- Amalya Dubrovsky
Countries with trade deals that cover drugs won't face new pharma tariffs, White House says
Bloomberg reports:
- Jenny McCall
Foreigners are buying US stocks at record pace despite trade war
Concerns around whether people would boycott US products grew after President Trump announced tariffs earlier this year. However, it seems foreign investors buying US equities "Buy America" was key.
Bloomberg News reports:
- Jenny McCall
Trump says South Korea, Japan will pay billions 'upfront' in investment
- Jenny McCall
US plans 1:1 chip production rule to curb overseas reliance: WSJ
The US plans to ask chipmakers to manufacture at home as many chips as their customers import in a bid to reduce reliance on foreign supply.
Reuters reports:
- Jenny McCall
Trump's new push: He is 'never going to be done with tariffs'
President Trump's announcement that he will impose tariffs on pharma imports, which includes a 100% duty on patented drugs, unless the producer is building a manufacturing plant in the US. Those tariffs will come alongside duties on heavy trucks, kitchen cabinets, and furniture items.
Trump posted on Truth Social that the tariffs would come into effect on Oct. 1, 2025.
Trump's post was one of several that focused on industry-specific tariffs. Imported heavy trucks will be subject to a 25% duty, kitchen cabinets and bathroom vanities will be hit with a 50% levy, and upholstered furniture imports will be taxed at 30%.
This latest move from Trump is a sign of the rapid expansion of his tariff agenda. Both markets and analysts have already started to react.
Bloomberg News reports:
- Rian Howlett
Trump declares Oct. 1 date for new tariffs on furniture, kitchen cabinets, and pharma
In the most recent of a trio of posts on Truth Social, President Trump said the US would impose tariffs "on all Kitchen Cabinets, Bathroom Vanities, and associated products" alongside "a 30% Tariff on Upholstered Furniture."
Trump cited a "FLOODING" of the products into the US from foreign countries as the reason behind the tariffs.
Trump also posted "we will be imposing a 100% Tariff on any branded or patented Pharmaceutical Product, unless a Company IS BUILDING their Pharmaceutical Manufacturing Plant in America."
Trump's first post in the flurry of announcements was the declaration of a 25% on all heavy truck manufacturers. He declared that "Heavy (Big!) Trucks" from overseas would be targeted in the first move in that industry.
- Brett LoGiurato
Trump floats bailouts for farmers using tariff revenue
President Trump on Thursday floated using some of the tariff revenue the US has taken in so far to provide cash bailouts to farmers struggling with the early effects of the duties.
"We're going to take some of that tariff money and give it to our farmers," Trump said.
He admitted that farmers are, "for a little while, going to be hurt until the tariffs kick into their benefit."
The administration has for weeks said it is looking into the potential relief for farmers, though it's unclear how they would attempt to provide it. The Trump administration provided billions in farmer aid during the trade wars of his first term, mostly due to the effects of retaliatory tariffs from China.
- Jenny McCall
White House adviser Hassett cites enormous progress on China-US trade talks
Automakers to save $700M a month as trade deal with US takes effect
Trade Representative Maros Sefcovic said on Thursday that European automakers are set to save up to $700 million a month now that the EU-US trade deal is in place.
AP reports:
- Jenny McCall
China signals that purchases of US soybeans hinge on tariff removal
When asked if China will start purchasing US soybeans again, a Chinese commerce ministry spokesperson said the US must remove "unreasonable tariffs" first.
Reuters reports:
- Jenny McCall
Philips in talks with US over probes of medical technology imports
- Jenny McCall
China urges its companies to avoid taking price wars to the US
China has urged its companies doing business in the US to not engage in a price war, a sign that Beijing is keen to maintain the fragile trade truce it has with Washington.
Bloomberg News reports:
- Jenny McCall
US sets stage for tariffs on robotics, medical devices
The Trump administration is planning to launch an investigation into imports of robotics, industrial machinery and medical devices, a sign it could introduce new duties as President Trump looks to expand his tariff plans.
Bloomberg News reports:
- Jenny McCall
G7 weighs price floors for rare earths to counter China's dominance
The EU and the G7 are considering imposing a minimum price to promote rare earth production, as well as taxes on some Chinese exports with the aim of encouraging investment, according to Reuters.
Reuters reports:
- Jenny McCall
South Korea's Lee and Bessent discuss conditions for US tariff deal
South Korean President Lee Jae Myung told US Treasury Secretary Scott Bessent that implementing elements of the country's trade deal with the US needs to meet the interests of both countries.
Reuters reports:
- Jenny McCall
US implements EU trade deal, 15% autos tariffs retroactive to Aug. 1
- Brett LoGiurato
Bessent touts US 'levers' in China trade talks
- Jenny McCall
EU makes fresh push with US to revive talks on metals tariffs
The EU's trade chief is looking to revive talks with the US on steel and aluminum tariffs. Maros Sefcovic said in an interview with Bloomberg on Wednesday that he will meet with US Trade Representative Jamison Greer this week to see if metals tariffs can be eliminated or significantly reduced.
Bloomberg News reports:
- Jenny McCall
Vietnam PM seeks new trade deals to counter US tariff impact
- Jenny McCall
India says it wants to purchase more US energy in bid to lower tariffs
India has said it wants to increase its purchase of oil and gas from the US, according to Commerce Minister Piyush Goyal.
The move may help to lower tariffs on New Delhi's exports and also aid in securing a trade deal.
This latest news comes after President Trump imposed 50% tariffs on India due to its purchase of Russian oil, which Trump said has aided the Ukraine war. It also follows Washingtons move last week, where they slapped $100,000 fees on new H-1B visa used mainly by Indian tech workers.
Bloomberg News reports:
- Jenny McCall
Greer: US could finalize deals with Southeast Asian countries within weeks
US Trade Representative Jaimeson Greer said that trade deals with some Southeast Asian countries are expected within weeks as President Trump's policies prompt a wave of efforts to try and lower tariffs.
Bloomberg News reports:
- Jenny McCall
Canadian PM expects 'constructive' trade talks with China to deepen
- Grace O'Donnell
Fed's Powell: Tariff inflation has been 'later and less' than expected
Fed Chair Powell said Tuesday that businesses passing higher costs from tariffs on to consumers has been "later and less than we expected."
Still, he noted that tariffs are driving up inflation "a bit" and that it's something the central bank is watching closely as it balances inflation risks with risks to employment.
Much of the attention in discussions about the effects of tariffs has been focused on the rising cost of goods. However, Powell pointed out that US trade and economic policies may be affecting hiring decisions as well.
"Job creation has dropped very sharply. So why is that?" Powell said. "I think part of it just is there's a lot of uncertainty about the direction of public policy, and so companies are holding off. They're not hiring. And when you don't hire through attrition, your labor force shrinks, and you save money that way."
"That may be a way of passing on tariff costs," Powell said.
- Jenny McCall
Full impact of US tariff shock yet to come as growth holds up: OECD
The OECD warned on Tuesday that despite global growth holding up better than expected, the full extent of President Trump's tariffs has yet to be seen.
Reuters reports:
- Jenny McCall
South Korean president says US tariffs talks worrying FX market
- Jenny McCall
US-China talks for ‘huge’ Boeing aircraft order in final stages
An order of 500 Boeing (BA) aircraft for China, years in the making, is currently in the final stages of negotiations. Some have said it could be the centerpiece of a trade agreement between the US and China.
US Ambassador to China David Perdue said an order could be just days away. He didn't offer specifics but said, "This is a huge order."
Bloomberg News reports:
- Jenny McCall
Rubio calls India ‘critical’ to US as H-1B visas add to tensions
The US Secretary of State Marco Rubio has met with India amid the latest tensions around visas and said that New Delhi is critical for the US.
Bloomberg News reports:
- Jenny McCall
China floods the world with cheap exports after Trump’s tariffs
China's export machine appears to be unstoppable right now. In the five months since tariffs have been introduced, China's trade surplus is heading towards a record $1.2 trillion, as Beijing manufacturers refuse to be held back by President Trump's trade war.
Bloomberg News reports:
- Jenny McCall
China buys Argentine soybeans after tax drop, leaving US farmers sidelined
- Jenny McCall
Trump’s visa shock strains India-US ties, clouds trade talks
President Trump's mission to curb visas for foreigners has added fresh pressure to the US-India ties that only appeared to be on the mend last week.
Bloomberg News reports:
- Jenny McCall
Switzerland in fresh push to woo Donald Trump on tariffs
Switzerland is offering to "Buy America" in a push to persuade President Trump to lower its tariffs on Swiss imports.
The FT reports:
- Jenny McCall
South Korea's President Lee says US investment demands would spark financial crisis
South Korea's President Lee Jae Myung told Reuters that if Seoul caves to US demands around tariffs and its $350 billion investment it could fall into financial crisis rivalling its 1997 meltdown.
Reuters reports:
