A 20 percent duty on Canadian lumber imports will raise prices on housing and hurt builders and buyers, the NAHB argues.
The Hill reports that NAHB denounced the Trump Administration’s new tariff plan, which was announced earlier this week. The group says the move is short-sighted and will not resolve the long-standing lumber trade dispute between the U.S. and Canada.
Around a third of the lumber used by home builders last year was imported, and 95 percent of that came from Canada. Lumber prices have already risen 22 percent in 2017, which has added around $3,600 to the price of a new home. The duties on softwood lumber are estimated to be about $1 billion.
Builders called for increasing domestic production by boosting timber sales from publicly owned lands, opening up more federal forest for logging in an environmentally sustainable way and reducing lumber exports.
Advertisement
Related Stories
Economics
Shelter Costs Drive Inflation Higher Than Expected in January
January Consumer Price Index data show inflation increased more than anticipated as shelter costs continue to rise despite Federal Reserve policy tightening
Economics
Weighing the Effects of the Fed's and Treasury's Latest Announcements
The upshot of the Jan. 31 announcements is that while mortgage rates will stay higher for longer, they're likely to hold steady
Economics
NAHB CEO Tobin Says 'Housing Renaissance' on the Horizon
Responding to positive housing-related data such as falling mortgage rates and increased homebuyer activity, NAHB's CEO Jim Tobin is optimistic
