Presidential Directives. The Impending Investigation into Lumber Imports and National Security

Originally published March 14, 2025. This version was rebuilt from Executive Order 14223, Target's fourth-quarter results and Purple's announcement for the FIN archive, and the facts are as of that date.

By mid-March 2025 the lumber investigation was the trade story furniture makers watched most closely. Retail results and a bedding company's strategic review added to a busy week.

The short version

• Executive Order 14223 put furniture and cabinetry in scope of a Section 232 lumber probe.
• Target's home furnishings and décor sales fell to $5,087 million in the fourth quarter.
• Purple retained Jefferies as financial advisor for a review of strategic alternatives.

Why national security

Section 232 lets the President act on imports that threaten national security. The March 1 order called the wood products industry, including paper products, furniture, and cabinetry, a critical manufacturing industry, and gave Commerce 270 days to report.

The investigation covered derivative products, not only raw lumber. That meant finished furniture could face duties, which is different from the long-running softwood lumber disputes with Canada.

Update. A September 29, 2025 proclamation set tariffs on upholstered wooden furniture and kitchen cabinets and vanities from October 14.

Target's home slide

Target reported fourth-quarter home furnishings and décor sales of $5,087 million, down from $5,530 million a year earlier. The prior-year quarter had 14 weeks against 13 this time, but home still lagged as overall comparable sales rose 1.5%.

Mass merchants compete directly with furniture stores on accent furniture, bedding and décor, so a slump at Target pointed to cautious spending across the category.

Purple on the block

Purple Innovation said it had received expressions of interest and retained Jefferies to review strategic alternatives. The company also said it returned to positive adjusted EBITDA and cash flow in the fourth quarter.

Strategic reviews often end in a sale or merger. For mattress retailers, the outcome would shape which brands and wholesale terms they could count on.

Directives and decisions

The lumber probe raised the stakes for every wood furniture supply chain, while results at Target and the review at Purple showed how much pressure the home category was under.

Related on FIN

• Follow the Tariff Dollars
• Furniture Shoppers Are Holding Back

Sources

• The White House, Executive Order 14223 on timber and lumber imports (Mar. 1, 2025)
• The White House, Section 232 proclamation on timber, lumber and derivative products (Sept. 29, 2025)
• Target Corporation, Fourth quarter and full-year 2024 earnings (SEC exhibit 99)
• Purple Innovation, Review of strategic alternatives (Mar. 13, 2025)