"The Vanguard S&P 500 ETF ( NYSEMKT: VOO) started out the new (trading) year on a bright note, opening 0.6% higher after President Trump delivered a New Year's Eve surprise: a tariffs reprieve for imports of upholstered furniture (of all things). Citing ongoing trade talks, the President delayed implementation of extra tariffs on upholstered furniture, kitchen cabinets, and vanities Wednesday night."
"Tariff rates of 25% on these goods remain in effect, but won't yet be hiked by an additional 30% (un upholstered furniture) or 50% (on cabinets and vanities). Had he not delayed implementation, those extra tariff rates would have gone into effect yesterday, January 1. The White House further delayed implementation of a 107% import tariff on Italian pasta (again - of all things!)"
President Trump delayed planned increases to tariffs on upholstered furniture, kitchen cabinets, and vanities, keeping existing 25% rates in place while postponing the larger hikes amid ongoing trade talks. A separate proposed 107% import tariff on Italian pasta was also deferred, with a decision moved to March 12 instead of the originally scheduled January 2 effective date. The delays prevented the higher tariffs from taking effect on January 1 and 2. Several home-furnishing and retail stocks rallied on the news, including American Woodmark, Hooker Furnishings, Wayfair, and RH, which saw notable intraday gains.
Read at 24/7 Wall St.
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