Trump Punts on Some Tariffs

Shoppers eyeing a new sofa or kitchen redo just dodged a bigger hit to their wallets. President Trump has postponed for a year planned tariff hikes on upholstered furniture, kitchen cabinets, and bathroom vanities, according to a New Year's Eve White House statement. Cabinet and vanity tariffs had been slated to jump to 50%, while levies on upholstered wooden items like sofas and armchairs were set to climb to 30%. All will now stay at 25% until Jan. 1, 2027.

The White House framed the move as the result of "productive negotiations with trade partners to address trade reciprocity and national security concerns with respect to imports of wood products." The Wall Street Journal reports Trump had previously spotlighted tariffs on furniture as a way to revive manufacturing in regions such as North Carolina's Piedmont area, which has shed tens of thousands of furniture jobs amid competition from Chinese producers.