Tariffs Threaten Price Hikes Across Housing, Furniture Industries

The furniture and home repair industries are bracing for significant impacts due to recently proposed tariffs by the U.S. government, including a potential 46% import tariff on furniture from Vietnam and a 34% duty on Canadian softwood lumber. Local furniture sellers in Atlanta are concerned that these tariffs could lead to drastic price increases, making it harder for consumers to purchase items, with some anticipating prices may double. Contractors in Kansas City express similar fears, highlighting that increased tariffs could add over $9,200 to the cost of building a new home. Surveys indicate that around 70% of home furnishings-related businesses expect to be significantly affected by the tariffs, with many believing the situation will last for six months or more. Industry insiders are hopeful for negotiations to reduce the tariffs, but uncertainty remains high regarding the long-term effects on both domestic and global markets. The next few months are deemed critical as businesses adapt to the changing economic landscape.