Recently, Wells Fargo sounded the alarm for Americans, indicating that furniture prices were set to surge due to impending tariffs.
Consumers were advised to purchase sofas and coffee tables promptly, as potential price hikes were on the horizon.
However, in a last-minute decision on New Year’s Eve, President Donald Trump postponed the planned increase in tariffs on large furniture items.
This unexpected reversal is the latest instance of the inconsistent messaging surrounding tariffs, a recurring theme in recent months.
Since Trump’s announcement of broad ‘reciprocal tariffs’ on Liberation Day in April 2025, businesses, economists, and consumers have been bracing for significant impacts.
Warnings have circulated that grocery bills would climb and everyday expenses would rise, although the actual effects have yet to fully materialize.
The most recent warning focused on home furnishings and came from major US bank Wells Fargo, which predicted that household items could become significantly more expensive in the new year as tariffs begin to bite.
Stores ‘have largely tried to either hold or modestly increase prices this holiday season, with many offering targeted promotions and even deeper discounts on select items,’ according to Lauren Murphy, managing director of Wells Fargo Retail Finance.
A major bank has warned that it might be time to stock up on several household items that could become a lot pricier in the new year
Lauren Murphy, managing director of Wells Fargo Retail Finance, warned that it might be time to stock up on household items that could become a lot pricier in the new year
Now, following an order Trump signed on Wednesday, a 25 percent tariff imposed on such goods in September will remain in place, but a planned additional 30 percent tariff on upholstered furniture and a 50 percent tariff on kitchen cabinets and vanities has been delayed for another year.
Retail experts had previously told the Daily Mail that shoppers should not panic-buy in response to dire tariff warnings.
Retail strategist Carol Spieckerman cautioned consumers against trying to outguess tariff policy, noting that retailers have many tools — including dynamic pricing, supplier negotiations, sourcing shifts, and profitable services — to manage costs.
‘The Wells Fargo suggestion to buy large furniture now is overly simplistic,’ she told the Daily Mail. ‘Furniture pricing depends on so many variables — where it’s manufactured, which retailer you’re buying from, whether it’s imported or domestic.’
Spieckerman advised shoppers to ‘let the retailers with billion-dollar supply chains worry about tariffs — you just worry about whether you actually need that couch.’
This week’s furniture scare is just the latest example of tariff frenzy.
Americans were recently told their favorite pasta could become far more expensive, likely leading shoppers to bulk-buy in anticipation of rising prices.
However, on Wednesday, the Trump administration also indicated it may back away from the proposed 107 percent tariff on Italian pasta.
Trump ruled to keep a 25 percent tariff imposed on such goods signed in September, but delayed a planned additional 30 percent tariff on upholstered furniture and a 50 percent tariff on kitchen cabinets and vanities
While some areas have not yet felt the full impact of tariffs, many sectors – such as the grocery industry – have already been hit by price hikes
Carol Spieckerman, retail strategist
The US had threatened the tariff after the Commerce Department launched a routine antidumping review, alleging that Italian pasta producers were selling their products in the US at unfairly low prices and undercutting American competitors.
The Commerce Department said Wednesday that a new review showed pasta makers had fixed many of its concerns, so the tariff rates would be cut to between 2.26 percent and 13.89 percent.
A final decision is expected on March 12.
Italian farm group Coldiretti and food industry association Filiera Italia welcomed the move. Both groups had opposed the original tariffs and called on the Italian government to step in.
