President Donald Trump said that his administration has begun reviewing furniture imports, a step that could result in new duties on items brought into the United States.
“I am pleased to announce that we are doing a major Tariff Investigation on Furniture coming into the United States,” Trump wrote 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.”
Trump said new tariffs could revive factories in old hubs like 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,” he added. “Thank you for your attention to this matter!”
The post followed an earlier message this month in which Trump celebrated what he called a “beautiful” rise in tariff receipts on imported goods and credited his trade approach with stronger inflows to the U.S. Treasury.
Tariff collections reach record monthly total
Official figures indicate tariff collections have recently hit higher monthly marks. In July, receipts exceeded $29 billion, the largest monthly total so far this year. The Treasury’s Aug. 19 “Customs and Certain Excise Taxes” report places year-to-date tariff revenue at $158.3 billion.
On Tuesday, Treasury Secretary Scott Bessent said they may use some tariff revenue to pay down the national debt. He told CNBC that he and the president are focused on it.
“I think at a point we’re going to be able to do it,” Bessent said, adding that he and President Donald Trump were “laser-focused on paying down the debt.”
“I think that we’re going to bring down the deficit-to-GDP, we will start paying down debt, and then at a point that can be used as an offset for the American people,” he said.
Bessent said this year’s tariff revenue will likely exceed the earlier $300 billion forecast. He did not offer a new number, saying only that the final figure would be “substantially” higher.
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Source: https://www.cryptopolitan.com/trump-targets-furniture-imports-trade/