President Donald Trump on Friday announced he’s directing his administration to examine imports of furniture into the United States that may lead to larger tariffs by October.
“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 wrote in a Truth Social publish.
“This will bring the Furniture Business back to North Carolina, South Carolina, Michigan, and States all across the Union,” Trump mentioned.
The investigation comes because the Trump administration is mulling larger tariff ranges on imported items reminiscent of copper, semiconductors and prescribed drugs.
Already, furniture costs have been rising over the previous few months as Trump hiked tariffs on nations together with China and Vietnam, the top-two sources of imported furniture.
Furniture and bedding costs, an overarching class the Consumer Price Index tracks, rose 0.4% in June and 0.9% in July after costs had been largely deflationary for the previous two and a half years.
Other furniture, together with workplace, recreation and patio, noticed the most important spikes since May. Prices had been up 1.5% in May, 1.6% in June and 1.5% in July. Like most items, these classes had been seeing costs fall by that a lot on a month-to-month foundation, if no more, following the unraveling of pandemic nesting traits.
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