Wood imported into the US is subject to new taxes.

VTV.vn - US President Donald Trump's new tariffs on imported wood, furniture and kitchen cabinets officially took effect on October 14 (US time).

View of the cargo port in Bayonne, New Jersey, USA. Photo: THX/TTXVN

This tax policy is expected to increase construction costs and increase pressure on home buyers in the US.

The new tariffs are intended to boost US industries and protect national security, according to the White House. This is part of a series of sector-specific tariffs that Mr. Trump has issued since returning to the presidency.

The latest round of tariffs includes a 10% tariff on imported softwood lumber, while tariffs on some types of upholstered furniture and kitchen cabinets start at 25%.

From January 1, 2026, tariffs on imported upholstered furniture are expected to rise to 30%, while kitchen cabinets and dressers will jump to 50%. However, tariffs on wood products from the UK will not exceed 10%, and those from the European Union (EU) and Japan will be capped at 15%.

All three trading partners have reached agreements with the Trump administration to avoid higher tariffs. Canada, the top supplier of lumber to the US, is expected to be hit hard. The 10% tariff on lumber is in addition to the anti-dumping and countervailing duties it already faces, which the US recently doubled to 35%.

National Association of Home Builders (NAHB) President Buddy Hughes warned the new taxes would add further drag to an already struggling housing market by further increasing construction and renovation costs.

In recent years, home sales in the US have been sluggish due to high mortgage rates and limited supply, pushing up the cost of buying a home. Stephen Brown, an expert at Capital Economics, pointed out that the US imports up to 30% of its lumber, and a 10% tariff could increase the cost of building an average home by $2,200. Brown said China, Vietnam and Mexico, the three countries that supply the majority of imported furniture to the US, would also be hit hard by the new tariffs.

Regarding the US tariff measures on pharmaceuticals, on October 14, Singaporean Trade Minister Gan Siow Huang announced that the US has temporarily suspended the imposition of tariffs on pharmaceutical products imported from Singapore, in order to create more time for companies to negotiate tax exemptions.

President Donald Trump's administration previously announced it would impose a 100% tariff on all branded pharmaceutical products starting October 1 unless pharmaceutical companies commit to building manufacturing plants in the US.

Singapore's pharmaceutical exports to the US are expected to average S$3.7 billion (US$2.8 billion) a year between 2022 and 2024, according to Minister Gan Siow Huang. Singapore is home to eight of the world's top 10 pharmaceutical companies, with pharmaceutical products accounting for 13% of the country's total domestic exports to the US.

Ms Gan Siow Huang said the Singapore government has been in dialogue with Singapore-based pharmaceutical companies on the impact of US tariffs, and many of them have plans to build or expand manufacturing facilities in the US. She said these companies are waiting for further details from the US government to confirm that their plans qualify for tariff exemptions.

Singapore's Ministry of Trade and Industry said on October 14 that preliminary estimates showed that Singapore's economy grew 2.9% year-on-year in the third quarter (June-September), down from the previous quarter as US tariffs hit key manufacturing segments.

Source: https://vtv.vn/go-nhap-khau-vao-my-chiu-muc-thue-moi-10025101416323409.htm