President Trump on Monday night announced tariffs of 10% on softwood timber and lumber alongside a 25% tariff on “certain upholstered wooden products” due to take effect on Oct. 14, according to the White House.
This was the latest set of tariffs to be announced impacting the furniture industry, after Trump posted last week about a flurry of tariffs on kitchen cabinets, vanities, and other upholstered products on that will take effect Oct. 1.
Trump said the lumber tariffs will help “strengthen supply chains” and “bolster industrial resilience.” Yet home builders have warned this could deter investments in new homes and renovations. Canada is also set to be hit hard by the order, as it’s the US’s largest wood supplier and already subject to duties of over 35%.
Earlier Monday, Trump said he would impose 100% tariffs on foreign films and “substantial” duties on furniture imports, part of a revived tariff blitz in recent days.
Other planned new tariffs include pharmaceuticals, including a 100% duty on patented drugs unless the producer builds a plant in the US or the country has a trade deal that covers drugs. Pfizer (PFE) on Tuesday announced it had received a three-year reprieve from those tariffs as part of a deal with the administration to sell some drugs at a discounted rate, prompting speculation of similar deals to come.
Elsewhere, the US and China have made progress toward various contours of a broader deal following a call between Trump and China’s President Xi Jinping. Trump said after that call that the countries had reached an agreement to spin off the TikTok app in the US.
Trump said the two leaders plan to conduct a series of meetings in the coming months, as Yahoo Finance’s Ben Werschkul reported.
Read more: What Trump’s tariffs mean for the economy and your wallet
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