WASHINGTON: US President Donald Trump signed a proclamation on Monday (Sep 29) to set a 10 per cent tariff rate on imports of lumber and 25 per cent on vanities, kitchen cabinets and upholstered wooden products, the White House said.
The tariffs will take effect on Oct 14, according to the text of Trump’s proclamation released by the White House.
On Jan 1, the tariff rates would increase to 30 per cent for upholstered wooden products and to 50 per cent for kitchen cabinets and vanities imported from countries that fail to reach an agreement with the United States, the proclamation showed.
The president last week announced new tariffs on pharmaceuticals, big-rig trucks, home renovation fixtures and furniture.
Tariffs have been a feature of Trump’s second term, with duties on trading partners ranging from 10 per cent to 50 per cent and other targeted tariffs on a wide variety of products, casting a shadow over the global economic outlook and paralysing business decision-making.
Source: CNA
