President Donald Trump said on Friday that his administration is conducting a “major Tariff Investigation on Furniture coming into the United States,” a step towards imposing higher duties on a sector already witnessing tariff-fueled price increases.

“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 said in a post on Truth Social.

He also claimed this move will bring the furniture business back to North Carolina, South Carolina, Michigan, and States all across the Union, which in turn will revitalize the domestic furniture market.

Investigation plan

Although Trump did not specify in his post about how the investigation was being carried out, a US official told Bloomberg that the probe was being handled by the Commerce Department as part of its timber and lumber probe under Section 232 of the Trade Expansion Act.

This act allows imposition of tariffs on goods which are deemed critical to national security. Under the law, the Commerce Secretary would be expected to deliver the results of any probe within 270 days from the start of the probe, which began on March 10, though Trump’s decision could come after, the news agency stated.

Trump’s growing list of targeted industries

The US President’s announcement adds to the growing list of industries being targeted for tariffs. The Commerce Department is already investigating potential levies on multiple sectors, including pharmaceuticals, semiconductors, aircraft, and critical minerals, and medium-duty trucks.

Other than that, Trump has also announced tariffs on steel, aluminum, copper and automobiles imports to the US.

On Thursday, the administration said that they have launched a national security probe into wind energy imports, an industry that Trump has attacked on several occasions, including an argument that turbines have ruined the views at some of his Scottish golf courses.

Stock market tumbles

Shares of furniture retailers tumbled in extended New York trading. Wayfair Inc. slid as much as 10%. Whereas, RH fell as much as 9.9%. Arhaus Inc. fell as much as 7.7% and Williams-Sonoma Inc. dropped as much as 6.7%.

On the other hand, some retailers also saw gains amidst the sharp fall. La-Z-Boy Inc., which makes its furniture primarily in North America, saw its shares gain as much as 3.7% after the market closed. Ethan Allen Interiors Inc. also rose, Bloomberg reported.