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President Donald Trump announced new tariffs on a wide range of products, including prescription drugs and home furnishings, which are set to take effect on Wednesday as inflation rises. Pharmaceutical products will face a 100% import tax unless the company has begun a project to manufacture its products in the United States. Trump previously said he plans to eventually increase this rate to 250%.Other tariffs taking effect Wednesday include a 50% tax on kitchen and bathroom cabinets and vanities, a 30% tax on upholstered furniture, and a 25% tax on commercial big rig trucks. Trump has long said companies will absorb these costs, but economists and businesses say they will pass along at least some of the increased prices to their customers.This tariff announcement comes as the Commerce Department released new inflation data on Friday morning. Year-to-year core inflation is up 2.9%, about a percent above the Federal Reserve's target goal. Recently lowered interest rates may drive inflation higher. Recent reports show that the rate at which prices are rising is increasing.Keep watching for the latest from the Washington News Bureau: