President Donald Trump on Thursday announced a new round of punishing tariffs, saying the United States will impose a 100% tariff on imported branded drugs, 25% tariff on imports of all heavy-duty trucks and 50% tariffs on kitchen cabinets.
Trump also said he would start charging a 30% tariff on upholstered furniture next week.
Freightliner, owned by Daimler AG holds almost a 40% market share. Volvo, while not as strong, is around 10%.
Majority of the US made truck brands have an exorbitantly high maintenance cost when compared to imported trucks.