President Donald Trump announced a raft of import taxes, including 100pc on branded pharmaceutical drugs, to start on October 1.

Other measures will include 50pc on kitchen cabinets and bathroom vanities, 30pc on upholstered furniture and 25pc on heavy trucks.

The posts on his social media site showed that Mr Trump’s devotion to tariffs did not end with the trade frameworks and import taxes that were launched in August, a reflection of the president’s confidence that taxes will help to reduce the US government’s budget deficit while increasing domestic manufacturing.

The additional tariffs risk intensifying inflation that is already elevated, as well as slowing economic growth, as employers getting used to Mr Trump’s previous import taxes grapple with new levels of uncertainty.

Mr 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 US.

In August, Mr Trump imposed a 15pc tariff on most pharmaceutical exports from the European Union.

Ireland is one of the biggest exporters of pharmaceutical products to the US from the EU, accounting for €33bn of €120bn of pharmaceutical exports to the US last year. This announcement now causes further uncertainty for Ireland’s pharmaceutical industry.

However, writing this morning, Tánaiste Simon Harriss said; “I want to stress, however, that the EU and US Joint Statement issued on 21 August last made was absolutely clear.

“Any new tariffs announced by the US on pharmaceuticals would be capped at 15pc for products exported by the EU.”

The Fine Gael leader and trade minister stressed: “This remains the case and underlines again the value of the agreement reached last month.”

The Tánaiste is returning home after a series of meetings in both New York and Washington, including a meeting with US Secretary of Commerce, Howard Lutnick, where it is understood there was no hint of a new 100pc tariff.

Mr Harris said: “I remain as convinced as ever of the mutually beneficial nature of the dynamic, two way economic partnership between Ireland and the US as well as between the EU and the US.”

The Tánaiste Simon Harris said: “We will be studying the impact of this announcement, which includes a number of exemptions, together with EU colleagues.”

In 2024, America imported nearly 233 billion dollars in pharmaceutical and medicinal products, according to the Census Bureau. The prospect of prices doubling for some medicines could send shockwaves to voters as health care expenses, as well as the costs of Medicare and Medicaid, potentially increase.

Mr Trump said that foreign manufacturers of furniture and cabinets were flooding the United States with their products and that tariffs must be applied “for National Security and other reasons”.

The new tariffs on cabinets could further increase the costs for homebuilders at a time when many people seeking to buy a house feel priced out by the mix of housing shortages and high mortgage rates.

He said that foreign-made heavy trucks and parts are hurting domestic producers.

“Large Truck Company Manufacturers, such as Peterbilt, Kenworth, Freightliner, Mack Trucks, and others, will be protected from the onslaught of outside interruptions,” the president posted.

Today’s News in 90 Seconds – September 26th

Mr Trump has long maintained that tariffs are the key to forcing companies to invest more in domestic factories. He has dismissed fears that importers would simply pass along much of the cost of the taxes to consumers and businesses in the form of higher prices.

The president continues to claim that inflation is no longer a challenge for the US economy, despite evidence to the contrary. The consumer price index has increased 2.9pc over the past 12 months, up from an annual pace of 2.3pc in April, when Mr Trump first launched a sweeping set of import taxes.

Nor is there evidence that the tariffs are creating factory jobs or more construction of manufacturing facilities. Since April, the Bureau of Labor Statistics has reported that manufacturers cut 42,000 jobs and builders have downsized by 8,000.

“There’s no inflation,” Mr Trump told reporters on Thursday. “We’re having unbelievable success.”