Trump sets 10% tariff on lumber imports, 25% on cabinets and furniture

US President Donald Trump said on Monday he was slapping 10% tariffs on imported timber and lumber and 25% duties on imported kitchen cabinets, bathroom vanities and upholstered furniture, continuing his tariff assault on global trading partners. Trump signed a presidential proclamation laying out his argument that timber, lumber and furniture imports are eroding US national security to justify the new duties under Section 232 of the Trade Act of 1974. The proclamation said the tariff rates would start on October 14, but added that duties will increase on January 1 to 30% for upholstered wooden products and to 50% for kitchen cabinets and vanities imported from countries that fail to reach an agreement with the United States. The action...