Trump says details coming on furniture tariffs

U.S. President Donald Trump on Monday said details were forthcoming on tariffs for furniture imports, after announcing levies of up to 50 percent on such goods last week.

"I will be imposing substantial Tariffs on any Country that does not make its furniture in the United States. Details to follow," Trump said in a social media post, noting lost business in North Carolina.

Trump announced a 50 percent tariff on imported kitchen cabinets and vanities, along with a 30 percent levy on upholstered furniture, which are set to take effect on October 1.

The import duties will make it more challenging for companies to hold down prices, while executives in the industry have raised concerns over the lack of manufacturing capacity in the United States, as the country relies heavily on imports from China, Mexico and Vietnam.

Chief executives at Williams-Sonoma and RH, formerly known as Restoration Hardware, have both raised concerns about higher tariffs in recent earnings calls.

Prices for everything from clothes to TVs have gone up in recent months as manufacturers and retailers struggle with the ever-changing tariff environment while also trying to offset rising commodity and supply-chain costs.

REUTERS