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US president Donald Trump on Friday announced that his administration has started a major investigation into imported furniture, a move that could soon lead to new tariffs. Posting on Truth Social, Trump said the investigation would be completed within 50 days. “Furniture coming from other countries into the United States will be tariffed at a rate yet to be determined. This will bring the furniture business back to North Carolina, South Carolina, Michigan, and states all across the Union,” he wrote.

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The announcement quickly hit the stock market. Shares of furniture and home goods retailers such as Wayfair, RH and Williams-Sonoma fell in after-hours trading. All three companies rely heavily on imported goods, though RH and Williams-Sonoma have recently tried to diversify supply chains. Not every brand took a hit, however. La-Z-Boy, which makes most of its products in the US, saw its stock rise after Trump’s post, CNBC reported.According to CNBC, the US furniture market is already struggling. Demand for big-ticket items such as sofas and dining tables has been falling for more than a year, partly because of a weaker housing market and high interest rates. The Trump administration has already imposed high tariffs on cars, steel and aluminium, and has signalled similar duties for imported copper, pharmaceuticals and semiconductors.