How Tariffs On China Are Reshaping The Home Goods Sector

By: bitcoin ethereum news|2025/05/03 05:00:04

Havenly’s Interior Define has completely shifted its sourcing away from China, decreasing reliance ... More from 80% to zero in under six months. Over the past month, the U.S. economy has faced renewed challenges due to escalating trade tensions with China. Significant duties remain despite the Trump administration’s partial rollback on specific tariffs. As of mid-April 2025, many imports from China, including home goods, are subject to a 145% tariff, and the U.S. is subject to a 125% tariff from China. Some negotiations and exemptions have been made on US imports to China, but the reverse has yet to be resolved, with the latest being an end to the tariff exemption on low-value shipments. China is pivotal in the U.S. home goods market, making up 27.7% of the category’s imports. It accounts for $18.5 billion of furniture, bedding, cushions, lighting, etc. This substantial reliance underscores the sector’s vulnerability to tariff-induced disruptions. The imposed tariffs have increased importers’ costs, which are often passed on to consumers. Retailers and manufacturers grapple with supply chain adjustments, alternative sourcing options, and inventory challenges. The U.S. economy, already experiencing volatility due to inflationary pressures and interest rate fluctuations, faces additional strain from these continued trade tensions. Businesses must navigate the direct financial impacts of increased tariffs and the broader economic uncertainty that could influence consumer confidence and spending patterns. Consumer Sentiment On Home Goods The continuation of high tariffs has notably shifted consumer behaviors within the home goods market. Lee Mayer, CEO of home furnishings company Havenly, pointed out that the middle-market consumer segment has significantly pulled back, particularly those considering modest redecorations. Havenly’s brand, Interior Define, can track consumer interest by examining how many consumers have ordered sample fabric swatches. Mayer noted, “We see a seven-day average of the number of swatches coming in... on April 2 nd , it falls off a cliff and has not recovered. Oddly enough, revenue is still there, but it’s the up-funnel consumer demand that we’re more worried about.” Havenly anticipates that lower-priced and luxury-priced furniture will maintain demand, but ... More everything in the middle range will see a negative impact. Similarly, Natalie Gordon, CEO of Babylist, shared observations of altered consumer behaviors in the essential baby products category. Gordon explained that parents are making purchases sooner than they typically would, driven by fears of rising prices and availability issues. Babylist’s “open to secondhand” registry feature has seen rapid adoption, highlighting an increasing consumer preference for cost-saving measures amid tariff-driven price hikes. According to Gordon, “We’re now seeing 67% of expecting parents saying getting baby items secondhand is the number one way they are looking to save on costs.” This shift reflects growing consumer caution and a heightened sensitivity to price changes, influencing spending habits across multiple home goods categories. Affected Home Goods Categories Specific categories within home goods and decor are experiencing outsized impacts due to tariffs. Havenly is seeing that goods under that $250 mark and super-high-end price points don’t seem that affected, but the middle-range 81-inch sofas that are higher end but not super high-end are seeing a slowdown. For Babylist, essential items like baby furniture and nursery decor are primarily produced in China. Gordon emphasized, “Items like cribs are essentials that families can’t go without. Parents shouldn’t be forced to make trade-offs when it comes to a safe sleep environment for their baby.” She further warned that prolonged tariffs could significantly disrupt supply chains and escalate prices, disproportionately impacting families under financial strain. On the other hand, East Fork, known for domestically produced pottery, offers a contrasting perspective. CEO Alex Matisse noted their relative insulation due to local manufacturing but recognized potential advantages as tariff-induced price increases narrow the gap between imported and domestically made products. “Our customers come to us because they care about craftsmanship, aesthetics, and connection—not low prices,” Matisse explained. “That said, if tariffs drive up prices on imported home goods, the narrowing gap could make more consumers reconsider where they’re spending their money. If the price difference between a commodity bowl and an East Fork bowl shrinks, we may see new customers opt into a product with deeper values and story.” This reveals that while some segments may see opportunities amid the tariff challenges, others face critical risks, highlighting the uneven impacts across the industry. East Fork’s products are all made in the USA, putting it in a potentially advantageous position due ... More to the tariffs. Shifting Sourcing Strategies Amid tariff pressures, businesses across the sector are reassessing their sourcing strategies, swiftly shifting away from Chinese manufacturing despite the complexity and cost. Havenly, for instance, has drastically reduced its reliance on Chinese production, moving significant operations to Vietnam, Cambodia, and Mexico. In late 2024, the company’s largest brand, Interior Define, had 80% of its products imported from China, and by the end of April, it was anticipated to hit 0%. This rapid shift has led to immediate financial impacts and operational challenges, including increased production costs and extended product lead times. Despite this fast change, the company is dealing with millions in sunk costs due to products that customers had already ordered, putting them in a position where the tariffs could not be passed on to the consumer in time. Apple recently announced a similar issue, shifting its production of most iPhones to India and other products to Vietnam. However, despite Trump sparing some electronics from new tariffs, the company shared an estimated $900 million in additional costs in its current quarter. These sourcing changes underline the industry’s adaptability and expose the complexities and expenses of pivoting away from established supply chains. Babylist, a marketplace that does not source the items directly, is helping vendors make the price changes necessary to manage the increased costs. “We’ve assembled an internal task force that’s monitoring the situation daily—working closely with our vendor partners to understand current and upcoming price increases and ensuring our tech and product teams are optimizing key features like price comparison, price alerts, and ‘open to secondhand’ so registrants and their communities can continue to find what they need, affordably,” shared Gordon. The company anticipates that car seats, strollers, and nursery furniture will be significantly impacted because most are manufactured in China. Although the brand can’t change where these items come from, they can help consumers find the most affordable option. The company anticipates that car seats, strollers, and nursery furniture will be significantly ... More impacted. Babylist, as a marketplace, can’t change where items are sourced, but it can help consumers find the most affordable option. Projections and Industry Outlook Home goods and decor brands remain cautiously optimistic yet realistic about the industry’s future amid persistent uncertainty. Mayer articulated this sentiment, sharing, “Going into this year, many of us felt optimistic. Interest rates were dropping at the end of last year, and it looked like the economy was going to have a soft landing. Now we’re back in a holding pattern.” Matisse from East Fork echoed the cautious outlook, emphasizing broader economic concerns over isolated tariff impacts. “My biggest concern is less about tariffs in isolation and more about the broader economic uncertainty they can generate. If these pressures tip us back into a recession, that would affect every brand in the category,” he explained. Industry-wide data supports these tempered projections, with indicators pointing towards continued consumer caution and potential short-term market contractions. The risk of a recession remains elevated, with J.P. Morgan estimating a 60% chance. Companies like Babylist are actively advocating for targeted policy relief, hoping to mitigate long-term harm to businesses and consumers. Gordon noted, “Without relief, we foresee higher prices, constrained availability, and cascading impacts across the market—outcomes that will harm businesses and families alike.” Given its significant dependence on Chinese imports, the home goods sector faces unique vulnerabilities, positioning it among the industry’s most deeply impacted by current tariff challenges. As businesses adapt to these conditions, clear communication with consumers and proactive industry advocacy will be critical. However, the objective measure of impact will depend on how effectively companies can adjust their sourcing strategies and navigate shifts in consumer purchasing behaviors amid ongoing economic uncertainty. Source: https://www.forbes.com/sites/brinsnelling/2025/05/02/how-tariffs-on-china-are-reshaping-the-home-goods-sector/

Foreword: Today, the People's Bank of China's website published the "Notice of the People's Bank of China, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration for Market Regulation, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, State Administration of Foreign Exchange on Further Preventing and Dealing with Risks Related to Virtual Currency and Others (Yinfa [2026] No. 42)", the latest regulatory requirements from the eight departments including the central bank, which are basically consistent with the regulatory requirements of recent years. The main focus of the regulation is on speculative activities such as virtual currency trading, exchanges, ICOs, overseas platform services, and this time, regulatory oversight of RWA has been added, explicitly prohibiting RWA tokenization, stablecoins (especially those pegged to the RMB). The following is the full text:

To the people's governments of all provinces, autonomous regions, and municipalities directly under the Central Government, the Xinjiang Production and Construction Corps:

Recently, there have been speculative activities related to virtual currency and Real-World Assets (RWA) tokenization, disrupting the economic and financial order and jeopardizing the property security of the people. In order to further prevent and address the risks related to virtual currency and Real-World Assets tokenization, effectively safeguard national security and social stability, in accordance with the "Law of the People's Republic of China on the People's Bank of China," "Law of the People's Republic of China on Commercial Banks," "Securities Law of the People's Republic of China," "Law of the People's Republic of China on Securities Investment Funds," "Law of the People's Republic of China on Futures and Derivatives," "Cybersecurity Law of the People's Republic of China," "Regulations of the People's Republic of China on the Administration of Renminbi," "Regulations on Prevention and Disposal of Illegal Fundraising," "Regulations of the People's Republic of China on Foreign Exchange Administration," "Telecommunications Regulations of the People's Republic of China," and other provisions, after reaching consensus with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, and with the approval of the State Council, the relevant matters are notified as follows:

I. Clarify the essential attributes of virtual currency, Real-World Assets tokenization, and related business activities

(I) Virtual currency does not possess the legal status equivalent to fiat currency. Virtual currencies such as Bitcoin, Ether, Tether, etc., have the main characteristics of being issued by non-monetary authorities, using encryption technology and distributed ledger or similar technology, existing in digital form, etc. They do not have legal tender status, should not and cannot be circulated and used as currency in the market.

The business activities related to virtual currency are classified as illegal financial activities. The exchange of fiat currency and virtual currency within the territory, exchange of virtual currencies, acting as a central counterparty in buying and selling virtual currencies, providing information intermediary and pricing services for virtual currency transactions, token issuance financing, and trading of virtual currency-related financial products, etc., fall under illegal financial activities, such as suspected illegal issuance of token vouchers, unauthorized public issuance of securities, illegal operation of securities and futures business, illegal fundraising, etc., are strictly prohibited across the board and resolutely banned in accordance with the law. Overseas entities and individuals are not allowed to provide virtual currency-related services to domestic entities in any form.

A stablecoin pegged to a fiat currency indirectly fulfills some functions of the fiat currency in circulation. Without the consent of relevant authorities in accordance with the law and regulations, any domestic or foreign entity or individual is not allowed to issue a RMB-pegged stablecoin overseas.

（II）Tokenization of Real-World Assets refers to the use of encryption technology and distributed ledger or similar technologies to transform ownership rights, income rights, etc., of assets into tokens (tokens) or other interests or bond certificates with token (token) characteristics, and carry out issuance and trading activities.

Engaging in the tokenization of real-world assets domestically, as well as providing related intermediary, information technology services, etc., which are suspected of illegal issuance of token vouchers, unauthorized public offering of securities, illegal operation of securities and futures business, illegal fundraising, and other illegal financial activities, shall be prohibited; except for relevant business activities carried out with the approval of the competent authorities in accordance with the law and regulations and relying on specific financial infrastructures. Overseas entities and individuals are not allowed to illegally provide services related to the tokenization of real-world assets to domestic entities in any form.

II. Sound Work Mechanism

(III) Inter-agency Coordination. The People's Bank of China, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of virtual currency-related illegal financial activities.

The China Securities Regulatory Commission, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of illegal financial activities related to the tokenization of real-world assets.

(IV) Strengthening Local Implementation. The people's governments at the provincial level are overall responsible for the prevention and disposal of risks related to virtual currencies and the tokenization of real-world assets in their respective administrative regions. The specific leading department is the local financial regulatory department, with participation from branches and dispatched institutions of the State Council's financial regulatory department, telecommunications regulators, public security, market supervision, and other departments, in coordination with cyberspace departments, courts, and procuratorates, to improve the normalization of the work mechanism, effectively connect with the relevant work mechanisms of central departments, form a cooperative and coordinated working pattern between central and local governments, effectively prevent and properly handle risks related to virtual currencies and the tokenization of real-world assets, and maintain economic and financial order and social stability.

III. Strengthened Risk Monitoring, Prevention, and Disposal

(5) Enhanced Risk Monitoring. The People's Bank of China, China Securities Regulatory Commission, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration of Foreign Exchange, Cyberspace Administration of China, and other departments continue to improve monitoring techniques and system support, enhance cross-departmental data analysis and sharing, establish sound information sharing and cross-validation mechanisms, promptly grasp the risk situation of activities related to virtual currency and real-world asset tokenization. Local governments at all levels give full play to the role of local monitoring and early warning mechanisms. Local financial regulatory authorities, together with branches and agencies of the State Council's financial regulatory authorities, as well as departments of cyberspace and public security, ensure effective connection between online monitoring, offline investigation, and fund tracking, efficiently and accurately identify activities related to virtual currency and real-world asset tokenization, promptly share risk information, improve early warning information dissemination, verification, and rapid response mechanisms.

(6) Strengthened Oversight of Financial Institutions, Intermediaries, and Technology Service Providers. Financial institutions (including non-bank payment institutions) are prohibited from providing account opening, fund transfer, and clearing services for virtual currency-related business activities, issuing and selling financial products related to virtual currency, including virtual currency and related financial products in the scope of collateral, conducting insurance business related to virtual currency, or including virtual currency in the scope of insurance liability. Financial institutions (including non-bank payment institutions) are prohibited from providing custody, clearing, and settlement services for unauthorized real-world asset tokenization-related business and related financial products. Relevant intermediary institutions and information technology service providers are prohibited from providing intermediary, technical, or other services for unauthorized real-world asset tokenization-related businesses and related financial products.

(7) Enhanced Management of Internet Information Content and Access. Internet enterprises are prohibited from providing online business venues, commercial displays, marketing, advertising, or paid traffic diversion services for virtual currency and real-world asset tokenization-related business activities. Upon discovering clues of illegal activities, they should promptly report to relevant departments and provide technical support and assistance for related investigations and inquiries. Based on the clues transferred by the financial regulatory authorities, the cyberspace administration, telecommunications authorities, and public security departments should promptly close and deal with websites, mobile applications (including mini-programs), and public accounts engaged in virtual currency and real-world asset tokenization-related business activities in accordance with the law.

(8) Strengthened Entity Registration and Advertisement Management. Market supervision departments strengthen entity registration and management, and enterprise and individual business registrations must not contain terms such as "virtual currency," "virtual asset," "cryptocurrency," "crypto asset," "stablecoin," "real-world asset tokenization," or "RWA" in their names or business scopes. Market supervision departments, together with financial regulatory authorities, legally enhance the supervision of advertisements related to virtual currency and real-world asset tokenization, promptly investigating and handling relevant illegal advertisements.

（IX） Continued Rectification of Virtual Currency Mining Activities. The National Development and Reform Commission, together with relevant departments, strictly controls virtual currency mining activities, continuously promotes the rectification of virtual currency mining activities. The people's governments of various provinces take overall responsibility for the rectification of "mining" within their respective administrative regions. In accordance with the requirements of the National Development and Reform Commission and other departments in the "Notice on the Rectification of Virtual Currency Mining Activities" (NDRC Energy-saving Building [2021] No. 1283) and the provisions of the "Guidance Catalog for Industrial Structure Adjustment (2024 Edition)," a comprehensive review, investigation, and closure of existing virtual currency mining projects are conducted, new mining projects are strictly prohibited, and mining machine production enterprises are strictly prohibited from providing mining machine sales and other services within the country.

（X） Severe Crackdown on Related Illegal Financial Activities. Upon discovering clues to illegal financial activities related to virtual currency and the tokenization of real-world assets, local financial regulatory authorities, branches of the State Council's financial regulatory authorities, and other relevant departments promptly investigate, determine, and properly handle the issues in accordance with the law, and seriously hold the relevant entities and individuals legally responsible. Those suspected of crimes are transferred to the judicial authorities for processing according to the law.

（XI） Severe Crackdown on Related Illegal and Criminal Activities. The Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, as well as judicial and procuratorial organs, in accordance with their respective responsibilities, rigorously crack down on illegal and criminal activities related to virtual currency, the tokenization of real-world assets, such as fraud, money laundering, illegal business operations, pyramid schemes, illegal fundraising, and other illegal and criminal activities carried out under the guise of virtual currency, the tokenization of real-world assets, etc.

（XII） Strengthen Industry Self-discipline. Relevant industry associations should enhance membership management and policy advocacy, based on their own responsibilities, advocate and urge member units to resist illegal financial activities related to virtual currency and the tokenization of real-world assets. Member units that violate regulatory policies and industry self-discipline rules are to be disciplined in accordance with relevant self-regulatory management regulations. By leveraging various industry infrastructure, conduct risk monitoring related to virtual currency, the tokenization of real-world assets, and promptly transfer issue clues to relevant departments.

IV. Strict Supervision of Domestic Entities Engaging in Overseas Business Activities

（XIII） Without the approval of relevant departments in accordance with the law and regulations, domestic entities and foreign entities controlled by them may not issue virtual currency overseas.

（XIV） Domestic entities engaging directly or indirectly in overseas external debt-based tokenization of real-world assets, or conducting asset securitization activities abroad based on domestic ownership rights, income rights, etc. (hereinafter referred to as domestic equity), should be strictly regulated in accordance with the principles of "same business, same risk, same rules." The National Development and Reform Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other relevant departments regulate it according to their respective responsibilities. For other forms of overseas real-world asset tokenization activities based on domestic equity by domestic entities, the China Securities Regulatory Commission, together with relevant departments, supervise according to their division of responsibilities. Without the consent and filing of relevant departments, no unit or individual may engage in the above-mentioned business.

(15) Overseas subsidiaries and branches of domestic financial institutions providing Real World Asset Tokenization-related services overseas shall do so legally and prudently. They shall have professional personnel and systems in place to effectively mitigate business risks, strictly implement customer onboarding, suitability management, anti-money laundering requirements, and incorporate them into the domestic financial institutions' compliance and risk management system. Intermediaries and information technology service providers offering Real World Asset Tokenization services abroad based on domestic equity or conducting Real World Asset Tokenization business in the form of overseas debt for domestic entities directly or indirectly venturing abroad must strictly comply with relevant laws and regulations. They should establish and improve relevant compliance and internal control systems in accordance with relevant normative requirements, strengthen business and risk control, and report the business developments to the relevant regulatory authorities for approval or filing.

V. Strengthen Organizational Implementation

(16) Strengthen organizational leadership and overall coordination. All departments and regions should attach great importance to the prevention of risks related to virtual currencies and Real World Asset Tokenization, strengthen organizational leadership, clarify work responsibilities, form a long-term effective working mechanism with centralized coordination, local implementation, and shared responsibilities, maintain high pressure, dynamically monitor risks, effectively prevent and mitigate risks in an orderly and efficient manner, legally protect the property security of the people, and make every effort to maintain economic and financial order and social stability.

(17) Widely carry out publicity and education. All departments, regions, and industry associations should make full use of various media and other communication channels to disseminate information through legal and policy interpretation, analysis of typical cases, and education on investment risks, etc. They should promote the illegality and harm of virtual currencies and Real World Asset Tokenization-related businesses and their manifestations, fully alert to potential risks and hidden dangers, and enhance public awareness and identification capabilities for risk prevention.

VI. Legal Responsibility

(18) Engaging in illegal financial activities related to virtual currencies and Real World Asset Tokenization in violation of this notice, as well as providing services for virtual currencies and Real World Asset Tokenization-related businesses, shall be punished in accordance with relevant regulations. If it constitutes a crime, criminal liability shall be pursued according to the law. For domestic entities and individuals who knowingly or should have known that overseas entities illegally provided virtual currency or Real World Asset Tokenization-related services to domestic entities and still assisted them, relevant responsibilities shall be pursued according to the law. If it constitutes a crime, criminal liability shall be pursued according to the law.

(19) If any unit or individual invests in virtual currencies, Real World Asset Tokens, and related financial products against public order and good customs, the relevant civil legal actions shall be invalid, and any resulting losses shall be borne by them. If there are suspicions of disrupting financial order and jeopardizing financial security, the relevant departments shall deal with them according to the law.

This notice shall enter into force upon the date of its issuance. The People's Bank of China and ten other departments' "Notice on Further Preventing and Dealing with the Risks of Virtual Currency Trading Speculation" (Yinfa [2021] No. 237) is hereby repealed.

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