Construction timber and furniture become new tariff targets for Trump
Canadian timber entering the United States, as well as furniture from China, Vietnam, and Mexico, will be significantly affected.
Starting at 00:01 on Tuesday morning, construction timber, furniture, and kitchen appliances have become the latest sectors affected by industry tariffs under the Trump administration. Trump claimed that this move aims to protect American industrial capacity.
Like previous industry surcharges on steel, aluminum, cars, and copper, the White House has justified these new surcharges by citing national security concerns.
Importing construction timber into the United States will incur a 10% tariff, while furniture and kitchen appliances will be subject to a 25% tariff. From January 1st, the furniture tariff will increase to 30%, and the kitchen appliance tariff will rise to 50%.
However, countries that have signed trade agreements with the United States, such as the UK (10%) or the EU and Japan (15%), will be subject to the most favorable rates.
This is a heavy blow for Canada, which accounts for a quarter of U.S. timber imports. Due to multiple trade disputes between the two countries, Canada has already faced a 35% timber tariff. The additional 10% imposed this time will bring the total tariff to 45%.
According to AFP, Stephen Brown of Capital Economics estimates that, on average, these tariffs could increase the cost of house building by $2,200.
Regarding the furniture industry, Stephen Brown said, "27% of furniture imports into the U.S. come from China, 20% from Vietnam and Mexico."
Donald Trump has already imposed specific tariffs on more than a dozen industries, some of which have been implemented, such as steel, aluminum, copper, and cars; others have not yet been implemented and the exact timing remains unclear, such as medicines, foreign-made movies, and semiconductors.
Source: rfi
Original: www.toutiao.com/article/1846010050033673/
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