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Former President Donald Trump announced Friday that his administration has launched an investigation into imported furniture, paving the way for potential new tariffs on a wide range of products.

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“Within the next 50 days, that investigation will be completed, and furniture coming from other countries into the United States will be tariffed at a rate yet to be determined,” Trump wrote on his Truth Social platform. “This will bring the furniture business back to North Carolina, South Carolina, Michigan, and states all across the Union.”

The announcement triggered immediate market reactions. Shares of major furniture and home goods retailers—including Wayfair, RH (formerly Restoration Hardware), and Williams-Sonoma—fell in after-hours trading. Wayfair, which imports a large portion of its inventory, is particularly vulnerable to such tariffs. While RH and Williams-Sonoma have been diversifying their supply chains, they, too, could see increased costs.

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However, not all companies were negatively impacted. Shares of La-Z-Boy, which manufactures most of its furniture in the United States, rose on the news. Trump has previously imposed steep tariffs on imports of cars, steel, and aluminum, and has floated similar duties on items like copper, pharmaceuticals, and semiconductors. As of Friday, it remains unclear whether the proposed furniture tariffs would be layered on top of existing country-specific duties or structured as standalone sectoral tariffs.

The move comes as the U.S. furniture industry faces significant headwinds. Companies like Wayfair have seen declining demand for items such as couches and dining sets, driven in part by a cooling housing market and high interest rates that have slowed new home purchases. Consumer spending patterns have also shifted due to ongoing inflation, with more selective spending across discretionary categories such as restaurants, travel, fashion, and home decor.

Meanwhile, the Trump administration has continued to engage in bilateral negotiations aimed at recalibrating global trade relations. While recent framework agreements with the European Union and China have provided some market stability, many long-term trade issues remain unresolved.