Sims will have an additional interaction with all in-game harvestables that allow you to collect certain supplies from them.
This adds a new interaction on all harvestable trees, including wild trees found in the world, that allows you to 'Harvest Tree for Wood'. Your sim will collect several pieces of wood from it and the tree will revert back to a seedling.
The great thing about this interaction is that it also works on dead trees so you can harvest them and restart their growth rather than needing to pull them out and replant them.
Some trees will also give specific types of wood when you harvest them, like the Cherry Tree which will give you Cherry Wood.