President Trump has announced a 10% tariff on timber and lumber imports, with a 25% tariff on kitchen cabinets, bathroom vanities, and upholstered furniture, effective October 14 at 12:01am EST. Duties are set to increase on January 1 to 30% for upholstered wooden products and 50% for kitchen cabinets and vanities imported from countries that failed to reach an agreement with the United States.
Analysts warn of rising housing costs and supply chain disruptions. With Canada and other major exporters hit hard, supply shortages may occur causing delays and further price hikes.
The action is the first in three sectors that Trump said last week would get steep new duties early as October 1, including patented pharmaceutical imports, and heavy truck imports.
SOURCE: Reuters
