US begins collecting new tariffs on imported wood and furniture

The United States has started collecting new tariffs on imported timber, lumber, kitchen cabinets, bathroom vanities and upholstered furniture, measures expected to raise renovation costs and cool the housing market. The import duties, which took effect Tuesday at 12:01 a.m. New York time, impose a 25% tariff on cabinets, vanities and upholstered wooden furniture, and a 10% tariff on imported softwood timber and lumber. At President Donald Trump’s direction, rates are set to rise further in the new year. Upholstered wood products will be subject to a 30% tariff, and kitchen cabinets and vanities will ...