US President Donald Trump said on Monday he was slapping 10% tariffs on imported timber and lumber and 25% duties on imported kitchen cabinets, bathroom vanities and upholstered furniture, with the rate on the latter categories to jump next year. 

Trump signed a presidential proclamation laying out his argument that timber, lumber and furniture imports are eroding US national security to justify the new duties under Section 232 of the Trade Act of 1974. 

The proclamation said the tariff rates would start on October 14, but added that duties will increase on January 1 to 30% for upholstered wooden products and to 50% for kitchen cabinets and vanities imported from countries that fail to reach an agreement with the United States. (YF – Continue Reading) 

Bank of Japan board members discussed the appropriate timing of an interest rate hike at a policy meeting earlier this month that saw two members call for a rate move.

“It may be time to consider raising the policy interest rate again,” one of nine board members said, according to a brief record of the Sept. 18-19 meeting released Tuesday. Still, “since the degree of slowdown in the US economy remains uncertain, it is appropriate for the bank to maintain its current stance” for the time being. (BBG – Continue Reading) 

Asia’s economies grew at a solid pace in the first half of the year, but that momentum will slow as tariffs take effect, the Asian Development Bank said as it cut growth forecasts for the region.

US tariffs have settled at historically high rates and trade uncertainty remains at record levels, said Albert Park, chief economist at the Philippines-based multilateral bank. (WSJ – Continue Reading)