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() President Donald Trump said this week he plans to distribute “some of that tariff money” to American farmers to offset damage done by the levies as he announced additional tariffs on pharmaceuticals and furniture.
Trump said Thursday that he will impose import taxes of 100% on pharmaceutical drugs, 50% on kitchen cabinets and bathroom vanities, 30% on upholstered furniture and 25% on heavy trucks starting Oct. 1.
While Trump did not provide a legal justification for the tariffs, he claimed the taxes on imported kitchen cabinets and sofas were needed “for National Security and other reasons.”
Trump said on Truth Social that the pharmaceutical tariffs would not apply to companies that are building manufacturing plants in the United States, which he defined as either “breaking ground” or being “under construction.” It was unclear how the tariffs would apply to companies that already have factories in the U.S.
The U.S. agricultural industry is voicing concern about Trump’s tariffs, especially on China, which is the top buyer for American soybeans and sorghum. The tariffs have led to fewer overseas orders for farmers, who say their usual customers have turned to other suppliers.
“I’m not optimistic that China is going to come back and buy in droves, which is really what we need,” Iowa farmer David Weaver told . “China has been our best soybean customer for years, for decades. And when your best customer starts having doubts, then that isn’t good for the farm economy.”
Agricultural policy experts say at this point, those markets may be gone for good, even if tariffs are lifted.
Trump said tariffs have brought $31 billion to the U.S., though hard data for that number has not been publicly released. A chunk of that revenue will go to making sure “our farmers are in great shape,” Trump said.
The exact amount of money for each farmer and how it would be disseminated was not made immediately clear.
In April, Agriculture Secretary Brooke Rollins told the administration was working on a package to help mitigate damage done by tariffs to U.S. farmers “if necessary.”
‘s Anna Kutz contributed to this report.