Bill Darcy, CEO of National Kitchen & Bath Association, discusses the potential impact of President Donald Trump’s wood and furniture rates on ‘Varney & Co.’.
President Donald Trump Monday said his administration will impose a rate of 25% next month on medium and heavy trucks.
“At the beginning of November 1, 2025, all medium and heavy trucks that enter the United States from other countries will be trained at a speed of 25%,” Trump wrote in a social post.
Back-to-back highs: August and September bring in $ 62.6 billion in tariff income
Trucks will go through the port of Oakland in Oakland, California on April 28, 2025. (Justin Sullivan / Getty Images / Getty images)
The American truck industry is a cornerstone of the national economy, which, according to the American Trucking Associations, moves around 73% of all domestic trucks.
About 2 million Americans work as heavy truck drivers for tractors, with much more working as mechanics and support staff, according to data from the American Chamber of Commerce.
Moreover, the profit margins in the American logistics sector are usually slim, making it very sensitive to unexpected increases in operating costs.
Tractor tractors in the port of Long Beach in Long Beach, California on Thursday 28 August 2025. (Eric Thayer/Bloomberg/Getty images)
The top five import sources per customs value are Mexico, Canada, Japan, Germany and Finland, according to data collected by the International Trade Commission of the United States.
These trade relationships will be central this week, as press secretary Karoline Leavitt of the White House said that Trump will meet Canadian Prime Minister Mark Carney on Tuesday and the Finnish President Alexander Stubb on Thursday.
Bessent defends Trump’s rates against claims that they are harming American companies
Leavitt refused to share details about Trump’s coming discussions with the leaders, but said that trade policy will probably be among the topics.
The latest revelation comes when the Supreme Court weighs the legality of Trump’s radical trade policy – a central part of his economic agenda.
The facade of the American Supreme Court in Washington, DC, on October 3, 2024. (Valerie Plesch/Picture Alliance/Getty Images/Getty Images)
“We are looking forward to the ultimate victory about this issue with the Supreme Court,” wrote spokesperson Kush Desai van Het Witte Huis.
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The US government collected $ 31.3 billion in tariff income in September, according to data from Treasury Department that were released on 29 September.
Tariff income Rose steadily from $ 17.4 billion in April to $ 23.9 billion in May, before climbing to $ 28 billion in June and reached $ 29 billion in July.
American companies pay this import tax directly to the federal government, but they often pass on the costs by increasing prices – which means that consumers ultimately bear much of the burden.
