President Trump on Monday night announced tariffs of 10% on softwood timber and lumber alongside a 25% tariff on "certain upholstered wooden products" due to take effect on October 14, according to the White House.

While the tariffs will impact everyone to some degree, experts say more of the pain will be felt by lower-income consumers.

The White House set a relatively low tariff on imports of timber and lumber, and a significantly higher tariff on furniture and kitchen cabinets.

China said there are no winners in trade wars as it reacted to U.S. President Donald Trump's new and higher import tariffs on softwood lumber, upholstered furniture, and kitchen cabinets and vanities.

SINGAPORE—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.

U.S. 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, continuing his tariff assault on global trading partners.

President Trump is implementing new tariffs on a wide range of products, potentially affecting consumer prices across multiple categories. Correspondent Joe Saint George reports on which products will be impacted and what this means for American consumers.

President Donald Trump’s new tariffs have generated billions of dollars since being implemented earlier this year, but what happens to that money?