The furniture industry is one of many caught up in the Trump administration’s tariff campaign against China, and now the financial risks are growing
By Katy Stech Ferek Nov. 11, 2019 7:45 am ET HIGH POINT, N.C.—Amid seemingly endless displays of chairs and dining-room sets, the furniture industry’s fall trade show here featured a few signs of the times: placards atop non-Chinese goods proclaiming “No Tariffs!”
Shares in online furniture retailer Wayfair Inc. W -1.71% plunged 14% on Oct. 31 after the company said tariffs exacerbated a third-quarter loss, by hammering Wayfair suppliers and making consumers wary of purchases. “This has been very challenging for the furniture industry as a whole because of the huge exposure that it has to China,” said Peter Keith, a Piper Jaffray analyst who added that the discretionary nature of furniture purchases means the industry faces more potential for tariff-related financial difficulties than many other businesses.
Darrin Williams, of Richmond, Va., said he has been shopping for a new sofa for several months ahead of a move to a new home, and hadn’t noticed any price changes. But data shows prices are indeed going up. “I have to lose money, which I’ve been doing since the 25% [tariff] started. Millions of dollars are being lost,” said Jay Berkowitz, chief executive of Arnold’s.
The Trump administration has defended tariffs by saying they are necessary to force China to end practices that hurt U.S. businesses. President Trump has said the tariffs could also lead to the return of more manufacturing jobs to the U.S.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Getting Fitted For a Proper Workout Sneaker Changed My Running ExperienceShooting pains in my knees and shins started ruining my workouts, so I reached out to a professional runner for a much-needed lesson on sneaker science.
Read more »
FKA Twigs Opens Up About Split From Robert Pattinson, Calls It 'Unmeshing'The singer said she is content with a pet dog for now. (via toofab)
Read more »
Design Miami Founder Craig Robins's NYC Apartment Is a Design Shopper's FantasyDesign Miami founder Craig Robins's NYC apartment is a design shopper's fantasy. Take a look inside, here:
Read more »
Dow futures sink to sink to start the week as Trump says reports on ‘level of tariff lift is incorrect’U.S. stock futures retreat Monday morning as a lack of progress on China-U.S. trade negotiations momentarily take the air out of a record run for equity markets. Meanwhile, bond markets were closed for Veterans Day.
Read more »
Mindy Kaling Didn't Sign Up to Be a Role Model“After years of feeling like a conspicuous outsider in Hollywood, Kaling has embraced her trailblazer status...”
Read more »
It could get worse for one of the worst-performing retailers, traders sayGap, one of the worst-performing retailer stocks, just broke down even more, but it may not have hit bottom, Piper Jaffray's Craig Johnson says.
Read more »