Heads up, decor lovers and trade watchers! 🛋️ U.S. President Donald Trump just announced a “major” tariff investigation on furniture coming into the United States, hinting at higher duties to protect local makers and boost jobs.
Under the Section 232 national security statute, this probe aims to wrap up in about 50 days—though past reviews sometimes took much longer. If approved, these new tariffs could stand in if other duties face legal challenges.
Why does it matter? Furniture and wood production jobs have dwindled from 1.2 million in 1979 to just 340,000 today. Trump says this move will bring factories back to states like North Carolina, South Carolina and Michigan, giving the industry a second wind.
On the markets, shares of Restoration Hardware (now called RH) slid 7.5% after the announcement. And according to Furniture Today, the U.S. imported about $25.5 billion in furniture in 2024—7% more than last year.
Consumers have already felt the pinch: Commerce Department data show home furnishings prices jumped 0.7% in July, partly driven by recent import levies. For anyone saving up for that perfect sofa or study desk, budgets might need a little extra cushion. 💰📈
Stay tuned as we track how this tariff saga unfolds—and whether your next IKEA run or online furniture haul will cost a bit more. ⚙️
Reference(s):
Trump says U.S. taking steps towards tariffs on furniture imports
cgtn.com
