Summary
President Donald Trump has introduced new U.S. tariffs on imported kitchen cabinets, lumber, and certain furniture. A 10% tariff on softwood lumber and timber and a 25% tariff on kitchen cabinets and vanities, rising to 50% in 2022, have come into effect. The tariff increases aim to protect U.S. manufacturers but may lead to higher prices for consumers.
Key Facts
- New tariffs include 10% on softwood lumber and timber, and 25% on kitchen cabinets and vanities.
- By January 1, 2022, the tariff on cabinets and vanities will rise to 50%.
- A 25% tariff on upholstered wooden furniture will increase to 30% unless new deals are made.
- The tariffs aim to protect U.S. manufacturing and address national security concerns.
- There is a longstanding trade dispute with Canada over softwood lumber.
- Tariffs are likely to increase housing and renovation costs in the U.S.
- Retailers may raise prices due to increased import costs.
- Ikea and other companies are closely observing the impact of these tariffs on their business.
