The U.S. Commerce Department announced it will reduce tariffs on most Canadian softwood lumber imports from 17.99% to 11.64%, the Globe and Mail reported.
The U.S. Commerce Department announced it will reduce tariffs on most Canadian softwood lumber imports from 17.99% to 11.64%, the Globe and Mail reported.
The U.S. previously doubled tariffs on lumber shipments from Canada in November 2021 from 8.99% to 17.99%.
Imports from West Fraser Timber Co. Ltd., Canada’s largest lumber company, will be 13.09%, according to the Globe and Mail. The new duty rates are scheduled to begin in the fall of 2022.
The National Association of Home Builders lauded the decision to reduce tariffs.
“Reducing these tariffs is an important step forward to addressing America's growing housing affordability crisis,” NAHB Chairman Chuck Fowke said in a statement.
Lumber prices, which have been volatile throughout much of the pandemic, have added more than $18,600 to the price of a new home since late summer 2021, according to NAHB.