Report: Hardwood Exports to China Fall 40%, Leading to Job Cuts at Mills

The ongoing trade war has led to a dramatic decline in the amount of U.S. hardwood being exported to China, the Wall Street Journal reports.

Since China’s latest 25% retaliatory tariffs on U.S. lumber, exports to China, which has been a vital market for the U.S. lumber industry, have fallen 40%. The drop in demand caused U.S. hardwood lumber prices to fall 20% in August compared with August 2018. The decline has led numerous lumber mills to begin cutting jobs and closing plants, according to the report.

The full Wall Street Journal report can be found here.