President Donald Trump has added more tariffs to the list, this time targeting wood, furniture and movies made outside the U.S. The move is the latest from the president, who has been targeting global trading partners.
On Monday, Trump signed a proclamation stating the U.S. will start charging a 10% tariff on foreign softwood lumber and timber, which are used in a wide variety of building materials.
Download the SAN app today to stay up-to-date with Unbiased. Straight Facts™.
Point phone camera here
He also announced a 25% tariff on kitchen cabinets, vanities and upholstered wooden furniture.
Those tariffs take effect on Oct. 14 and increase further in the new year: 50% on cabinets and 30% on furniture, starting Jan. 1.
Prior to signing the proclamation, Trump took to Truth Social, where he said, “North Carolina has completely lost its furniture business to China.”
The new tariffs come just a few days after the president targeted prescription drugs, heavy-duty trucks and some furniture items.
Expert concerns
Industry analysts warn the moves could push up lumber costs, and as a result, housing prices, according to CNN. The news outlet noted that furniture prices have already risen more than 4.5% since August of last year.
Economists and homebuilders cautioned that America does not currently have the capacity to meet demand. They noted that putting a significant tariff on Canadian lumber imports could further exacerbate the ongoing housing affordability crisis.
Tariff on films
In addition to the lumber and furniture tariffs, Trump said he will also impose a 100% tariff on any movie made outside the U.S. In a post on Truth Social, the president claimed the movie-making business has been stolen from the U.S.
However, the president did not specify when or how the new tariff would be enacted.
The comment comes just a few weeks after Marvel announced it was moving its productions from Georgia to the U.K.
Georgia has some of the strongest tax incentives in the U.S. However, insiders still say the move overseas comes down to money. Insiders cited lower labor costs in the U.K. and universal health care.
