Reference News Network reported on July 20th British media said that US President Trump proposed to impose tariffs on furniture imported from China.
According to the British "Financial Times" website reported on July 18th, although the media's main focus on Trump's tariffs is concentrated in the aluminum, steel, automotive and electronics industries, it seems that the insignificant furniture industry Some of these restrictions will also be enforced.
According to the report, the White House announced last week that it plans to impose tariffs on goods imported from China worth US$200 billion in addition to the already announced US$50 billion. This plan will hit various categories of furniture. .
According to data provided by the US International Trade Commission, China has dominated the US import of furniture. The United States imported a total of 63 billion US dollars worth of furniture last year, with China accounting for 50.9%.
According to the report, from 1996 to 2017, China’s annual furniture exports to the United States surged from 2.4 billion U.S. dollars to 31.9 billion U.S. dollars, while the total U.S. furniture imports increased only 5 times in the same period. The former is far superior to the latter. Mexico and Canada are the largest exporters of furniture to the United States after China. The exports to the United States in 2017 were $10.8 billion and $4.8 billion, respectively.
The report also said, however, if Chinese goods lose competitiveness due to tariff increases, will the two neighboring countries of the United States have the ability to increase their market share? Thomas Costel, a senior economist at the American Baida Group Wealth Management Research Institute, expressed doubts.