President Donald Trump said on Friday that his administration carried out “the main investigation of tariffs for furniture coming to the United States”, a step towards imposing higher duties on the sector.
“Over the next 50 days, this investigation will be completed and furniture coming from other countries to the United States will be at the tariffs at a rate that needs to be set,” Trump said in a social truth.
He also claimed that this step would bring furniture back to North Carolina, South Carolina, Michigan and States throughout the Union, which in turn will revive the domestic furniture market.
Examination plan
Although Trump did not specify in his contribution about how the investigation was carried out, US official Bloomberg told Bloomberg that the probe was solved by the Ministry of Trade within its wood and lumber under Section 232 of the Business Expansion Act.
This act allows you to store tariffs on goods that are considered critical to national security. According to the law, the Minister of Trade would be expected to bring the results of any probes within 270 days of the start of the probe, which began on March 10, although Trump’s decision could come after, said the press agency.
A growing list of targeted industries Trump
The US President’s announcement contributes to the growing list of industries focused on tariffs. The sales department is already investigating potential fees in multiple sectors, including drugs, semiconductors, aircraft and critical minerals and medium trucks.
In addition, Trump also announced steel, aluminum, copper and cars for imports to the US.
On Thursday, the administration said it launched the National Security Probe into the import of wind energy, an industry that has attacked Trump several times, including the argument that turbines destroyed opinions on some of its Scottish golf courses.
Stock market buildings
Furniture retailers have fallen into augmented New York Trading. Wayfair Inc. slipped up to 10%. While Rh dropped up to 9.9%. Arhaus Inc. It dropped up to 7.7% and Williams-Sonoma Inc. It dropped by up to 6.7%.
On the other hand, some retailers also saw gains in the middle of a sharp fall. La-Z-Boy Inc., which produces its furniture primarily in North America, has seen its stocks up to 3.7% after the market closure. Ethan Allen Interiors Inc. Also Rose, Bloomberg reported.
(Tagstotranslate) Investigation of tariffs
