Nationwide Kitchen & Tub Affiliation CEO Invoice Darcy discusses the potential impression of President Donald Trump’s lumber and furnishings tariffs on ‘Varney & Co.’
President Donald Trump mentioned on Monday that his administration will impose a 25% tariff on medium- and heavy-duty vehicles subsequent month.
“Starting November 1st, 2025, all medium and heavy-duty vehicles coming into the US from different nations can be tariffed on the price of 25%,” Trump wrote in a Reality Social put up.
The White Home didn’t instantly reply to FOX Enterprise’ request for remark.
BACK-TO-BACK HIGHS: AUGUST AND SEPTEMBER BRING IN $62.6B IN TARIFF REVENUE
Vehicles transfer by way of the Port of Oakland on April 28, 2025, in Oakland, California. (Justin Sullivan/Getty Pictures / Getty Pictures)
The U.S. trucking business is a cornerstone of the nationwide financial system, shifting roughly 73% of all home freight, in keeping with the American Trucking Associations.
Round 2 million People work as heavy and tractor-trailer truck drivers, with many extra employed as mechanics and assist employees, in keeping with information supplied by the U.S. Chamber of Commerce.
What’s extra, revenue margins throughout the U.S. logistics sector are sometimes slim, leaving it extremely delicate to any surprising will increase in working prices.
Tractor trailers on the Port of Lengthy Seaside in Lengthy Seaside, California, on Aug. 28, 2025. (Eric Thayer/Bloomberg/Getty Pictures)
The highest 5 import sources by customs worth are Mexico, Canada, Japan, Germany and Finland, in keeping with information compiled by the US Worldwide Commerce Fee.
These commerce relationships will take heart stage this week, as White Home press secretary Karoline Leavitt mentioned Trump will meet with Canadian Prime Minister Mark Carney on Tuesday and Finnish President Alexander Stubb on Thursday.
BESSENT DEFENDS TRUMP’S TARIFFS AGAINST CLAIMS THEY HARM US BUSINESSES
Leavitt declined to share particulars about Trump’s upcoming discussions with the leaders however mentioned commerce coverage will probably be among the many subjects.
Canadian Prime Minister Mark Carney (L) and President Donald Trump pose for a photograph in the course of the G7 Summit on June 16, 2025. | Getty Pictures
The most recent revelation comes because the Supreme Court weighs the legality of Trump’s sweeping commerce coverage – a central piece of his financial agenda.
The White Home has beforehand defended Trump’s tariffs as a authentic use of presidential powers to guard the financial system in an announcement to Fox Information Digital.
“We look ahead to final victory on this matter with the Supreme Court docket,” wrote White Home spokesperson Kush Desai.
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The U.S. authorities collected $31.3 billion in tariff income in September, in keeping with Treasury Department information launched Sept. 29.
Tariff revenues rose steadily from $17.4 billion in April to $23.9 billion in Could, earlier than climbing to $28 billion in June and reaching $29 billion in July.
American companies pay these import taxes on to the federal authorities, however they usually cross the price alongside by elevating costs – that means customers in the end shoulder a lot of the burden.
