President Trump has unveiled steep new tariffs on pharmaceutical drugs, furniture, kitchen cabinets, bathroom vanities and heavy trucks – threatening to raise prices as Americans are already dealing with high costs of living.
President Trump has unveiled steep new tariffs on pharmaceutical drugs, furniture, kitchen cabinets, bathroom vanities and heavy trucks – threatening to raise prices as Americans are already dealing with high costs of living.
New rates set to take hold on Oct. 1 would be painful for Americans, but it’s also likely that these tariffs will not “materialize and will be adjusted or completely revoked,” Ken Mahoney, CEO of Mahoney Asset Management, told The Post.
Hefty tariff rates have been a frequent negotiation tool from the Trump administration, which has kept import taxes in flux throughout talks with foreign nations, he added.
But, if these rates do take effect, a 50% tax on kitchen cabinets and bathroom vanities could cause homeowners to delay renovations, according to Dr. Wayne Winegarden, senior economics fellow at right-leaning research tank Pacific Research Institute.
“You’re dealing with housing affordability, broad affordability [issues]. You know, if people want to redo their bathrooms, well now that’s gonna be a lot more costly,” Winegarden told The Post.
“If you’re going to put a tax on sinks, kitchen cabinets, bathroom vanities, you’re gonna get people purchasing less of them.
