Amid the cold trade war, the United States removes a list of Chinese furniture goods and gadget accessories from the eyed additional 10% tariffs.
The broad category of the furniture industry took the most significant toll from Trump administration’s tariffs, after hitting a record of 25% consumer price increase in May.
Office of U.S. Trade Representative gave a complete list of Chinese goods spared from the $300 billion tariffs planned to take effect on Sept. 1 and Dec. 15.
Meanwhile, the U.S. Labor Department claimed that household furnishing’s price index increased by 0.4% in July. It has already increased for three consecutive months, and a further hike would pose a threat to the said industry.
China-made products including baby-related furniture, internet modems, and routers are spared from hitting more tariffs this December. Other products were delayed from receiving taxes until the end of the year.
The administration’s reason for this act of tariff removal is to protect retailers and consumers from the adverse effects of the U.S.-China trade war this Christmas selling season.
Furniture products particularly chairs made with wood, metal, and plastics were knocked off the December hikes.
The early Christmas gift also benefited baby-related furniture composed of cradles, strollers, toddlers’ beds, children’s seats, and bassinets.
With products ranging from household items to office interiors, the removal of tariffs would bring a net positive impact to the $114 billion furniture industry in the United States.
Gadget accessories such as smartwatches, smart speakers, and Bluetooth headphones weren’t part of the new $7.8 billion spared imports as tallied in the U.S. Census Bureau list.
Bibles, religious texts, as well as chemical components used to craft plastic goods, made it to the list.
The tariff exempt aims to lessen the broad-based growth consumer prices in the 44 identified broad subcategories.