Trump sets 10% tariff on lumber imports, higher rates on wooden products

Trump sets 10% tariff on lumber imports, higher rates on wooden products


U.S. President Donald Trump signed a proclamation on Monday to set a 10% tariff rate on imports of lumber and 25% on vanities, kitchen cabinets and upholstered wooden products, the White House said.

Andrew Harnik | Getty Images News | Getty Images

U.S. President Donald Trump said on Monday he was slapping 10% tariffs on imported timber and lumber and 25% duties on imported kitchen cabinets, bathroom vanities and upholstered furniture, with the rate on the latter categories to jump next year.

Trump signed a presidential proclamation laying out his argument that timber, lumber and furniture imports are eroding U.S. national security to justify the new duties under Section 232 of the Trade Act of 1974.

The proclamation said the tariff rates would start on October 14, but added that duties will increase on January 1 to 30% for upholstered wooden products and to 50% for kitchen cabinets and vanities imported from countries that fail to reach an agreement with the United States.

The action is the first in three sectors that Trump said last week would get steep new duties as early as October 1, including patented pharmaceutical imports, and heavy truck imports. But Monday’s proclamation sets the start of the lumber and furniture duties two weeks later, at 12:01 a.m. EDT (0401 GMT) on October 14.

Trump’s proclamation said wood product imports are weakening the U.S. economy, resulting in the persistent threats of closures of wood mills and disruptions of wood product supply chains and diminishing utilization of the U.S. domestic wood industry.

“Because of the state of the United States wood industry, the United States may be unable to meet demands for wood products that are crucial to the national defense and critical infrastructure,” the statement said.

The order added that wood products are used for “building infrastructure for operational testing, housing and storage for personnel and materiel, transporting munitions, as an ingredient in munitions, and as a component in missile-defense systems and thermal-protection systems for nuclear-reentry vehicles.”



Source

EasyJet’s stock drops as the Middle East conflict, fuel costs weigh on bookings outlook
World

EasyJet’s stock drops as the Middle East conflict, fuel costs weigh on bookings outlook

EasyJet‘s stock fell on Thursday after the European airline warned the Iran war and higher fuel prices are weighing on customer bookings. The group said it took on roughly £25 million ($34 million) in additional fuel costs in March alone as global oil prices soared, and it expects airline costs to remain tied to volatile […]

Read More
Kering looks to double profits as it unveils ambitious turnaround plan to revive Gucci
World

Kering looks to double profits as it unveils ambitious turnaround plan to revive Gucci

A woman wearing a Gucci belt and bag is seen during Paris Fashion Week in September 2018  Christian Vierig | Getty Images Kering said Thursday it aims to double profitability and revive its flagship brand Gucci as it announced its highly anticipated strategy to get the company back on track after a year-long luxury slump […]

Read More
Iran war drags India’s goods exports 7% lower in March — more pain ahead
World

Iran war drags India’s goods exports 7% lower in March — more pain ahead

The Indian-flagged tanker Jag Vasant, carrying liquefied petroleum gas (LPG) after transiting through the Strait of Hormuz amid the ongoing conflict in the Middle East, is seen docked at an offloading terminal along the coast in Mumbai, India, on April 1, 2026. Nurphoto | Nurphoto | Getty Images The Iran war has taken a toll […]

Read More