Shares of some big furniture retailers slumped in premarket trading after President Donald Trump announced that he will soon be slapping tariffs on imported furniture.
Trump wrote on his social media site, Truth Social, last week that his administration was beginning a “Tariff investigation” of furniture coming into the country, which will be completed in 50 days. After that, he would determine tariffs on imports “at a Rate yet to be determined.”
The president added that the move was designed to “bring the Furniture Business back to North Carolina, South Carolina, Michigan, and States all across the Union.”
Shares of retailers that rely heavily on imports, including RH (RH), Wayfair (W), and Williams-Sonoma (WSM), all slumped before the bell. However, Ethan Allen Interiors (ETD) and La-Z-Boy (LZB), which make more of their products in the U.S., saw their shares rise.
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