The Trump Administration is launching a probe into imported furniture that could pave the way for tariffs on a wide array of goods. President Donald Trump announced the move last Friday, indicating it could mark the revival of American furniture manufacturing in states such as North Carolina, South Carolina, and Michigan.
Writing on his Truth Social platform, Trump stated that the investigation was expected to conclude within the next 50 days, with plans to set tariffs on these imports, though the exact rate remains unspecified. Uncertainty looms over whether these proposed furniture tariffs will be layered on top of existing country-specific rates.
The statement comes amidst existing tariffs on automobiles, steel, and aluminum, with Trump having previously suggested similar measures for imports like copper, pharmaceuticals, and semiconductors.
Meanwhile, the U.S. housing market, still stifled from a downturn that began in 2022 as mortgage rates surged from historic lows, continues to struggle. Sales of previously owned homes have suffered significantly, hitting their weakest point in nearly three decades.
The normally busy spring homebuying season was lackluster this year, as prospective buyers were deterred by persistently high mortgage rates. The sharp increase in home prices over recent years has exacerbated affordability issues, posing considerable challenges for potential homeowners.
Particularly affected are first-time homebuyers, who comprised just 28% of home sales last month, a decrease from 30% in June, according to the National Association of Realtors. Historically, this group has accounted for around 40% of sales, highlighting the ongoing challenges within the housing market.
