Trump Imposes Tariffs on Wood and Furniture Imports

Donald Trump announced new tariffs on imports of wood and furniture, aiming too bolster domestic industries and strengthen supply chains. “In my opinion,this measure will strengthen supplier chains and industry resistance,create high quality jobs and increase the use of domestic capacities for wood products so that the United States can fully satisfy domestic consumption and create economic benefits through higher exports,” Trump stated,according to CNN.

Currently, the European Union exports wood to the U.S. with zero tariffs, while furniture faces duties ranging from 0 to 2.5 percent. The new tariffs are scheduled to take effect on October 14th.

According to a statement released by the White House, the tariff rate for original timber products from the European Union and Japan will be capped at 15 percent.The United Kingdom will face a 10 percent tariff.

These countries are receiving preferential treatment due to existing trade agreements with the U.S. Other countries will face higher tariffs.