🚀 Trump adds tariffs to lumber and furniture

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. President Trump has imposed sweeping new tariffs on wood products, setting a 10% duty on lumber imports and a 25% levy on kitchen cabinets, vanities, and upholstered wooden furniture, with rates scheduled to rise even higher in January for countries without trade deals. Justifying the move under Section 232 of the Trade Act, Trump argued that foreign wood imports undermine U.S. national security by weakening domestic production needed for defense and infrastructure. The tariffs, set to begin October 14, will hit Canada hardest, as its producers already face steep duties, while Mexico and Vietnam—key furniture exporters—will also feel the impact. Business groups, including the U.S. Chamber of Commerce, condemned the action, warning it will raise costs for builders and consumers while further straining supply chains. The announcement underscores Trump’s aggressive tariff strategy in his second term and sets the stage for potential trade clashes with key allies and partners.

2. Charlie Javice, the 33-year-old founder of college-aid startup Frank, was sentenced to just over seven years in prison for defrauding JPMorgan Chase by fabricating millions of fake users to inflate her company’s value ahead of its $175 million acquisition in 2021. A jury convicted Javice and her chief growth officer Olivier Amar on fraud and conspiracy charges earlier this year, and she was also ordered to forfeit $22.36 million and pay $287 million in restitution. At her sentencing, Javice expressed deep remorse and asked for forgiveness from JPMorgan, investors, employees, and her family, though the judge emphasized deterrence in imposing the sentence. The case was a major embarrassment for JPMorgan, which failed to catch the deception during due diligence and later admitted it had bought “a crime scene” rather than a functioning business.

3. U.S. Commerce Secretary Howard Lutnick says Washington is pressing Taiwan to help America produce half of its own semiconductors, aiming for a “50-50” split that would still leave the U.S. reliant on Taiwan but far less vulnerable than today. Taiwan currently makes over 90% of the world’s advanced chips through TSMC, a dominance some call its “Silicon Shield” against Chinese aggression, though Lutnick argues a more balanced production base would actually improve Taiwan’s security. He set a target of 40% U.S. chip production by the end of Trump’s term, a shift requiring upwards of $500 billion in investment, while TSMC is already expanding its U.S. presence with plans totalling $165 billion. The push reflects Trump’s longstanding view that Taiwan has “stolen” America’s chip industry and should give more in return for U.S. defence commitments, and it comes as Beijing escalates military drills near the island.

   Headlines

   1. YouTube will pay Donald Trump $24.5M as part of a settlement for banning his account.

   2. Walthfront has filed for an IPO as the trend of fintech companies going public continues into late 2025.