President Trump told reporters Sept. 7 that not only is he preparing to greenlight proposed duties on $200 billion worth of Chinese products, including hardwood flooring, but he is also willing to propose an additional $267 billion on top of it, according to Bloomberg.
The administration will impose the previously proposed $200 billion “very soon, depending on what happens,” Trump said to reporters on Air Force One, according to Bloomberg. “I hate to do this, but behind that there is another $267 billion ready to go on short notice if I want.”
The U.S. Trade Representative wrapped up public hearings regarding the proposed $200 billion in tariffs on Aug. 27. If approved, China has promised to retaliate with tariffs of its own on U.S. products, including hardwood.
Following the report, the National Association of Home Builders quickly issued a statement against an additional $267 billion in tariffs on Chinese products.
“Though well-intentioned, President Trump’s threat to slap an additional $267 billion worth of tariffs on Chinese good will be counterproductive by raising costs for millions of American consumers and businesses that rely on these products, including home builders,” NAHB Chairman Randy Noel said in a statement.
Noel went on to say that tariffs on steel imports and Canadian lumber shipments to the U.S. are already taking a toll on builders by increasing the cost of materials and “exacerbating the housing affordability crisis.”
“Rather than escalating the situation, NAHB respectfully urges the administration to move quickly to resolve these trade disputes in a manner that won’t tax American workers and consumers,” Noel stated.
