The U.S. Department of Commerce announced it will double tariffs on softwood lumber shipments from Canada, increasing duties from 8.99% to 17.9%.
The U.S. had previously considered hiking the rate to 18.32% but scaled back after further review, CBC reported.
Several industry organizations expressed disappointment in the tariff increase, with the National Association of Home Builders stating the increased lumber duties came at the “worst time.”
“Home builders are grappling with lumber and other building material supply chain bottlenecks that are raising construction costs,” NAHB Chairman Chuck Fowke said in a statement. “And consumers are dealing with rising inflation that is pushing mortgage interest rates higher.”
The U.S. Lumber Coalition, a lobby group, lauded the tariffs, calling them “continued strong enforcement of the U.S. trade laws to address Canada's unfair softwood lumber trade practices."
Canada exports approximately $8 billion worth of softwood lumber globally each year, and the U.S. is its largest single buyer, according to CBC.
