Trump's Tariff Tactics: A New Wave of Import Duties Aimed at Wood Products
President Donald Trump announces new tariffs on wood-related imports, citing national security threats. Beginning October 14, tariffs target timber, lumber, and furniture. Affected countries, including Canada, face increased duties unless they negotiate deals with the U.S. Tariffs on certain products may reach up to 50% by January 2024.
On Monday, U.S. President Donald Trump declared new import tariffs, levying a 10% duty on timber and lumber, and 25% on kitchen cabinets, bathroom vanities, and upholstered furniture. This marked the initial tariff wave on three sectors per his recent announcement of potential steep duties starting October 1, affecting pharmaceutical and heavy truck imports.
Trump justified the decision citing national security concerns, referencing Section 232 of the Trade Act of 1974. The proclamation indicates an increase in duties to 30% for upholstered wooden products and 50% for kitchen cabinets and vanities from January 1, targeting countries without U.S. trade agreements.
The move amplifies financial strain on Canada, a major U.S. softwood lumber supplier already burdened by existing tariffs. Mexico and Vietnam, rising furniture suppliers to the U.S., alongside Britain and the EU, may negotiate lower rates. The U.S. Chamber of Commerce has voiced opposition, arguing these imports do not pose security risks.
(With inputs from agencies.)
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