Wayfair's stock tumbled after President Trump announced potentially higher tariffs on the imports of furniture into the U.S.

Shares of some big furniture retailers slumped in premarket trading after President Donald Trump announced that he will soon be slapping tariffs on imported furniture.

The move would likely raise furniture prices as importers pass along a portion of the tax burden to consumers, analysts told ABC News, but some suppliers may ease the price pressure by swallowing costs in an effort to remain competitive in the robust U.