The comment comes after Trump ordered a 50-day investigation into potential duties on furniture imports last week.
President Donald Trump said Tuesday his administration will impose a “very substantial” tariff on furniture, adding that the move will be carried out “quickly,” sending the stocks of furniture retailers lower.
The comment comes after Trump ordered a 50-day investigation into potential duties on furniture imports last week. Stocks of Wayfair (W), RH (RH), and Williams Sonoma (WSM) dipped in afternoon trade. RH’s stock price fell more than 2.5% and Williams Sonoma stock was down nearly 1%. Wayfair’s stock trimmed its gains, trading just 0.5% in the green. On Stocktwits, retail sentiment around RH and Wayfair trended in the ‘bullish’ zone at the time of writing, while retail sentiment around Williams Sonoma moved lower into ‘neutral’ territory.
“We’re going to rebuild North Carolina furniture, and other places too,” he said at a Cabinet meeting alongside Vice President JD Vance, Defense Secretary Pete Hegseth, Attorney General Pam Bondi, and other senior officials. “We’re going to put a very substantial tariff on it [furtniture]. We’ve already announced it. It’ll be done pretty quickly.”
The President also repeated claims that inflation is “nonexistent” in the U.S., pointing to lower grocery and energy prices. “Groceries are down, energy is way down,” he said, arguing that the Federal Reserve should cut interest rates.
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