Trump Announces Furniture Imports Probe, Setting Up Tariffs: 'Within Next 50 Days...'

(MENAFN- Live Mint) President Donald Trump said the US is conducting a“major Tariff Investigation on Furniture coming into the United States,” setting the stage for industry-specific levies.

“Within the next 50 days, that Investigation will be completed, and Furniture coming from other Countries into the United States will be Tariffed at a Rate yet to be determined,” Trump said in a social-media post on Friday, claiming the move would revitalize domestic furniture makers in the US.

Shares of furniture retailers tumbled in extended New York trading. Wayfair Inc. slid as much as 10%, RH fell as much as 9.9%, Arhaus Inc. fell as much as 7.7% and Williams-Sonoma Inc. dropped as much as 6.7%. La-Z-Boy Inc., which makes its furniture primarily in North America, saw its shares gain as much as 3.7% after the market closed. Ethan Allen Interiors Inc. also rose.

Trump did not specify how the investigation was being carried out. A US official said the probe was being carried out by the Commerce Department as part of its timber and lumber probe under Section 232 of the Trade Expansion Act, which allows for the imposition of tariffs on goods deemed critical to national security.

Under that law, the Commerce Secretary would be expected to deliver the results of any probe within 270 days from the start of the probe, which began March 10, though Trump's decision could come after.

Friday's announcement adds to the growing list of industries being targeted for tariffs. The Commerce Department is already investigating potential levies on a range of sectors including pharmaceuticals, semiconductors, aircraft, and critical minerals, and medium-duty trucks.

On Thursday, the administration said that it has started a national security probe into wind energy imports, targeting an industry that Trump has regularly lambasted with attacks - including that turbines ruined the views at some of his Scottish golf courses.

Trump has already announced duties on steel, aluminum, copper and automobiles.

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