Trump Targets Furniture Imports with Major Tariff Initiative

President Donald Trump announced on Friday that the U.S. will conduct a significant tariff investigation on furniture imports, signaling a move towards imposing higher duties on this sector. Trump's statement on Truth Social indicated that imported furniture will face tariffs at an undetermined rate as part of efforts to bolster domestic manufacturing.

This announcement resulted in a 7.5% drop in shares for furniture retailer RH, formerly Restoration Hardware, in after-hours trading. The investigation, which is expected to conclude within 50 days, is being carried out under the Section 232 national security statute, according to a White House official.

The furniture industry, which has seen a decline in employment from 1.2 million in 1979 to 340,000 today, is already impacted by existing tariffs. The American Home Furnishings Alliance has voiced opposition, suggesting tariffs do not align with national security concerns and could harm current U.S. manufacturing. The European Union secured some relief from new tariffs on other goods following a joint trade agreement.

(With inputs from agencies.)