US President Donald Trump
US President Donald Trump announced a fresh round of tariffs on heavy-duty trucks, furniture, kitchen cabinets and bathroom vanities, as well as patented medicines, in a bid to support domestic industries.
Trump charged a 50% tariff on kitchen cabinets and bathroom vanities, a 30% duty on upholstered furniture, and 25% on heavy-duty trucks. All the new tariffs will take effect from Oct. 1.
The US imported about 245,000 medium- and heavy-duty trucks last year, valued at more than $20 billion, Bloomberg reported, citing US Department of Commerce data.
The new tariffs are expected to impact major US retailers such as Wayfair, Arhaus, Williams-Sonoma, and RH (formerly Restoration Hardware), particularly in the upholstered furniture segment.
Be the first to comment
Comments Analysis: