"U.S. Housing Market Expected to Be Hit"
The Donald Trump administration has implemented measures including a 10% tariff on imported processed wood.
According to Bloomberg and other sources on October 14 (local time), the Trump administration imposed a 10% tariff on imported wood and a 25% tariff on imported furniture such as fabric-covered sofas, vanities, and kitchen cabinets, effective from midnight that day (1 p.m. Korea time).
Furthermore, if countries exporting these products do not reach a trade agreement with the United States by the end of this year, tariffs on fabric-covered furniture will rise to 30%, and tariffs on kitchen cabinets and vanities will increase to 50% starting January 1, 2026.
However, in the case of the United Kingdom, which has already concluded negotiations with the United States, a 10% tariff will be applied to wood products, while the European Union and Japan will face tariff rates not exceeding 15%.
President Trump signed a proclamation containing these measures on September 29. At that time, President Trump stated that these actions would "strengthen the (wood industry) supply chain, enhance industry resilience, create quality jobs, and increase the utilization of domestic facilities for wood products."
In relation to this, industry analysts predict that Canada, which exports large quantities of wood to the United States, will be significantly affected. Bloomberg also pointed out that these measures could impact the U.S. housing market, which is currently experiencing a downturn.
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