The tariff was announced along with a 50-per cent tariff on all kitchen cabinets, bathroom vanities and associated products imported to the United States.
US furniture prices had witnessed a drop in the past two and a half years prior to Trump’s tariffs. Trump, however, yesterday said that foreign manufacturers have oversupplied to the US market.
“The reason for this is the large scale ‘FLOODING’ of these products into the United States by other outside Countries. It is a very unfair practice, but we must protect, for National Security and other reasons, our Manufacturing process,” Trump wrote on Truth Social.
Trump’s tariffs have already considerably increased furniture prices in the United States over the past year. Overall, furniture cost 4.7 per cent more year on year (YoY) last month, according to the Bureau of Labor Statistics (BLS).
Living room and dining room furniture, in particular, has grown more expensive—rising by 9.5 per cent YoY in the month, BLS reported.
ALCHEMPro News Desk (DS)
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