The United States will set tariffs on imported furniture by October, following an investigation, according to U.S. President Donald Trump.
These furniture tariffs would be added within 50 days, Trump said. He claimed this would increase U.S. domestic furniture manufacturing.
“I am pleased to announce that we are doing a major Tariff Investigation on Furniture coming into the United States,” Trump wrote on Truth Social over the weekend.
“Within the next 50 days, that Investigation will be completed, and Furniture coming from other Countries into the United States will be Tariffed at a Rate yet to be determined.”
Trump did not give details on how the investigation would proceed. The White House said it would be conducted under the Trade Expansion Act’s Section 232, which the Trump administration has used to impose tariffs on goods like steel and aluminium.
The U.S. Department of Commerce is currently investigating possible tariffs on goods including semiconductors and pharmaceuticals.
Furniture and bedding prices rose by 0.9% in July, according to the Consumer Price Index. This was largely driven by tariffs on countries like China and Vietnam, the U.S.’ two largest sources of imported furniture.
Shares in several major furniture companies dropped sharply after the announcement. Wayfair’s (NYSE: W) share price fell to a low of US$71.66 in after-hours trading, following a close at $77.86, while Williams-Sonoma’s (NYSE: WSM) share price declined from $203.54 to a low of $189.89.
The U.S. Bureau of Industry and Security also expanded tariffs on steel and aluminium products last week. This added tariffs to a number of finished products based on their steel or aluminium content, including furniture.
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