00:00What do we know about these new round of tariffs from the Trump administration?
00:05It's a right forest of tariffs there, isn't it, Jumana?
00:08I mean, this is one of the latest iterations of the sectoral tariffs that the Trump administration has introduced very recently.
00:18We saw the same thing in the pharma industry, and this follows an investigation by the U.S. government into the market conditions,
00:27which means that this is a sectoral tariff, and the method they use means that it is not subject to the lawsuit that covers the country-by-country tariffs that go into the Supreme Court.
00:38So what we see here is tariffs on lumber, on timber, on wood products, furniture, vanities, kitchen furniture, etc.
00:47The country that is facing the biggest impact from this is Canada, which accounts for a large majority of the timber sales into the U.S.
00:56So this is yet another way the Trump government is trying to influence economic conditions through tariffs,
01:03and they say they're looking to protect domestic production, especially in countries like North Carolina,
01:10which have a large production base in the furniture industry.
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