by Company said move is related to recent 20% increase in China tariffs
NORFOLK, Va. — Because of recently implemented tariffs, importer Furniture Classics said this past week that it is increasing its pricing on most China-made products effective March 22.
Company President Michael Ricks told dealers that an initial tariff of 10% on China-made products was implemented by the U.S. government effective Feb. 1, with another 10% added to that later the same month.
This brings the total tariff on China-made products to 45%, including a 25% tariff then-President Trump implemented during his first administration.
Ricks said that he and his team have spent countless hours working to mitigate the tariff and “address the challenges head on.”
“We are working to move some production around, but it will take some time,” he said in a letter dated March 14 obtained by Home News Now, adding that the company is unable to absorb such a significant increase in costs.
The company said it will send its dealers a new price list detailing the changes in pricing structure this week.
“While this is by no means the ideal situation we want to be in, we value your partnership and will be working on further ways to offset these increases,” Ricks said, adding that the company will provide updates should the current tariff environment change.”
