The United States will impose a 10% tariff on imported processed lumber.
According to AFP on the 13th (local time), the Trump administration will impose a 10% tariff on imported lumber and a 25% tariff on imported furniture such as upholstered sofas and dressing tables and on kitchen cabinets starting at 12 a.m. that day (1 p.m. Korea time).
Furthermore, if countries exporting the items do not conclude a trade agreement with the United States within this year, the tariff rates will rise starting Jan. 1 next year. Tariffs on upholstered furniture will rise to 30%, and on kitchen cabinets and vanities to as much as 50%.
In the case of the United Kingdom, which has already reached a deal with the United States, a 10% tariff will apply to wood products. The rates for the European Union (EU) and Japan will not exceed 15%.
Earlier, on 29th, President Trump signed a proclamation containing these measures, saying the move would "strengthen the (wood industry's) supply chain, enhance industrial resilience, create quality jobs, and increase domestic facility utilization for wood products."
AFP said Canada, which exports large volumes of lumber to the United States, will be heavily affected by the measure. There are also concerns that the move could create a headwind in the U.S. housing market, where many wooden dwellings are built.