New Tariff Measures Target Wood and Furniture Imports
President Donald Trump announced a fresh wave of tariffs on Monday night, including a 10% duty on softwood timber and lumber and a 25% tariff on certain upholstered wooden furniture, set to take effect October 14, according to the White House.
Also Read: Long term investing in Canada
These new measures build on earlier tariffs announced last week targeting kitchen cabinets, vanities, and additional upholstered products, which are scheduled to go into effect on October 1.
Trump claimed the tariffs would help “strengthen supply chains” and “bolster industrial resilience”. However, the U.S. homebuilding industry has expressed concern, warning that higher material costs could discourage new construction and renovation activity.
Also Read: How to start investing in Canada
Canada Among Hardest Hit
Canada, the largest supplier of wood to the U.S., will be significantly impacted by the new duties. Canadian timber is already subject to more than 35% in existing tariffs, and this latest move adds further pressure on cross-border trade.
Tariffs Expand to Films, Pharmaceuticals, and TikTok
Earlier on Monday, Trump also announced 100% tariffs on foreign films and new duties on imported furniture, which he framed as part of an effort to revive domestic manufacturing, particularly in states like North Carolina, where he said the furniture industry has been “completely lost” to overseas competition.
Additional tariff plans include 100% duties on patented pharmaceuticals, unless the manufacturers either operate production facilities in the U.S. or the originating country has a drug-related trade agreement with the U.S.
Talks with China Continue Amid Tariff Blitz
Despite the aggressive trade moves, Trump noted progress in ongoing discussions with Chinese President Xi Jinping, following a recent phone call. He claimed the two sides had agreed to spin off TikTok’s U.S. operations and said further meetings are scheduled in the coming months, according to Yahoo Finance’s Ben Werschkul.
Sign Up For our Newsletters to get latest updates
