Trump Raises Tariffs to Protect U.S. Wood Industry
U.S. President Donald Trump announced a 10% tariff on imported timber and 25% on kitchen cabinets, furniture, and vanities, citing national security concerns under the Trade Act of 1974. The tariffs will increase to 30% and 50% by January for countries not reaching an agreement.
In a decisive move aimed at bolstering domestic markets, President Donald Trump announced fresh tariffs on key imports, citing concerns over national security.
The U.S. plans to impose a 10% tariff on imported timber and a 25% tariff on kitchen cabinets, vanities, and furniture, with rates set to increase by January if no agreements are reached with exporting countries.
This measure, justified under Section 232 of the Trade Act of 1974, underscores the administration's drive to protect the faltering domestic wood industry, crucial to both economic stability and national defense infrastructure.
(With inputs from agencies.)
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