President Donald Trumpis delaying a tariff increase on upholstered furniture, kitchen cabinets and vanities amid rising concerns about affordability.
Trumpannounced a 25% tariffon the products in September, which was set to rise to 30% on furniture and 50% on kitchen cabinets and vanities Jan. 1. The White Houseannounced the delay Dec. 31, putting off the tariff increase until 2027.
Trump has increased tariffs on a wide variety of products in his second term and has touted the revenues they are generating, including inNew Year's Eve commentsduring aparty he threwat his Mar-a-Lago club.
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"We've taken in hundreds of billions of dollars in tariffs," Trump told partygoers.
Affordability remains a big concern for many Americans, though. Democratsseized on anxiety about consumer coststo notch a series of victories in last year's elections. The tariff delay would put off the hike until after the midterm election, which is expected to revolve around cost-of-living issues.
Economists have warned that tariffs could increase inflation, which hit 3% in September buteased to 2.7% in November.
This article originally appeared on USA TODAY:Trump delays tariffs on furniture, cabinets and vanities