Trump says furniture tariffs are coming later this year
A shopping is looking at chairs for sale in a home store in New York City, New York City, Queens, New York City.
Kylie Cooper | Reuters
President Donald Trump said on Friday that the Trump administration has launched an investigation into imported furniture and prepared the ground for new tariffs in a wide range of products.
“This investigation will be completed in the next 50 days and the furniture from other countries to the United States will be described at a rate to be determined.” written The truth is on the social platform. “This will bring the furniture business back to North Carolina, South Carolina, Michigan, and states all over the union.”
Following the task of Trump, including the shares of the best furniture and household items companies Wayfair– Rh And Williams-SonomaAfter work, he rolled in trade.
It imports most of the Wayfair furniture. Old restoration equipment and Williams-Sonoma are working to diversify the supply chains.
New tariffs can increase costs for many of these big furniture brands. But not for all.
Shares La-z-likeMost of its production rose in the US with the news of Trump’s tariff plans.
Trump has already placed steep tariffs on automobiles, steel and aluminum and swims similar customs tasks for imported copper, drugs and semiconductors.
On Friday, it was not clear whether new, sectoral tariffs will be applied in the country’s specific tariff rates.
The Trump administration spent months with bilateral negotiations with US trade partners in order to reset the balance of global trade. The latest framework agreements with the European Union and China helped calm the markets, but many long -term problems have not been solved.
Any new tariff would come to a difficult moment for the US furniture industry, which faced a series of difficulties.
Companies such as Wayfir, while waiting for buyers’ interest rates to decrease, partially saw a demand for more than a year in goods such as new sofas and food sets, which are a decrease in a slower general housing market.
Consumers have fewer reasons for buying new furniture when they are purchased less new home.
They were also more selective about where they spent their optional income with stubborn inflation. Restaurants, new clothes, trips and home decoration took a hit.
– CNBCs Gabrielle Fonrouge He contributed to this report.
