00:00President Trump announced a major tariff investigation on furniture imports.
00:07Trump made the announcement on social media.
00:09He said the investigation will last 50 days and that furniture will be tariffed at a rate yet to be announced.
00:15I think that he's really trying to use this as a negotiation tactics, try to get other countries to respond.
00:23Straight Arrow News spoke with several major furniture companies, all of which said two things.
00:28First, it's very unclear what the president actually plans to do.
00:32And second, they pointed us to a joint response from a coalition of furniture companies that was put out when the president initially talked about tariffs on furniture imports in March.
00:42They said, quote, while Furniture for America offers its full support to President Trump and the administration in its efforts to curb risks against our industry,
00:52the importation of wood products does not threaten national security.
00:55The future of the domestic furniture industry is in the hands of the administration.
01:00And Furniture for America is unsure if the furniture industry can withstand any additional tariffs at this time.
01:07So could any of this cause furniture prices to increase?
01:11Oh, absolutely.
01:12So you think about companies such as Wayfair, which is one of the largest online, and then would be like in terms of even Ikea, many of the furnitures they actually make in China or Vietnam.
01:26So in the case, because of tariffs.
01:28So I think that, of course, they will pass on the import tariffs into the consumers as well.
01:35Then you can see that the price will increase as well.
01:38For Straight Arrow News, I'm Lauren Kanan.
01:40For more on biased straight facts, download the Straight Arrow News app or visit san.com.
Be the first to comment