President Trump announced on Friday that his administration is launching a probe into furniture imports to determine new tariff rates on pieces entering the country.
“I am pleased to announce that we are doing a major Tariff Investigation on Furniture coming into the United States,” Trump posted to his Truth Social account Friday afternoon. “Within the next 50 days, that Investigation will be completed, and Furniture coming from other Countries into the United States will be Tariffed at a Rate yet to be determined.”
CANADA LIFTS TARIFFS ON SOME US GOODS TO RESUME TRADE TALKS
The president noted that the investigation, along with the subsequent duties imposed, are aimed at reviving furniture manufacturing in states such as North Carolina, South Carolina and Michigan.
“This will bring the Furniture Business back to North Carolina, South Carolina, Michigan, and States all across the Union,” Trump added. “Thank you for your attention to this matter!”
TRUMP’S TARIFF REVENUE HAS SKYROCKETED IN JUST A FEW MONTHS, SOARING PAST 2024 LEVELS
Earlier this month, Trump touted a “beautiful” surge in tariff revenues on imported goods, crediting his administration’s trade policies for a flood of cash into the U.S. economy.
TRUMP’S HIGHER TARIFFS GO INTO EFFECT ON DOZENS OF COUNTRIES
The U.S. collected more than $29 billion in tariff revenues in July, the highest monthly total this year. According to the Treasury Department’s latest “Customs and Certain Excise Taxes” data, released on Aug. 19, total tariff revenues have reached $158.3 billion for the fiscal year.
The White House did not immediately respond to FOX Business’ request for comment.
FOX Business’ Amanda Macias contributed to this report.
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