President Donald Trump on March 6 granted a one-month tariff delay until April 2 on all Mexico and Canada products covered by the United States-Mexico-Canada Agreement free trade treaty.
About 50% of imports from Mexico and 36% of imports from Canada are covered under the agreement. Goods not under the trade agreement will still be impacted by the 25% tariffs that went into effect March 4.
The National Association of Home Builders says it worked with the White House to ensure Canadian softwood lumber was covered under the latest tariff pause.
“NAHB commends President Trump for providing a one-month tariff delay on all products from Mexico and Canada that are covered by the United States-Mexico-Canada Agreement, including Canadian softwood lumber,” NAHB Chairman Buddy Hughes said in a statement.
Other home construction materials are still subject to tariffs, NAHB says, which will lead to increased costs of new home construction.
If the new tariffs on Mexico and Canada go into effect in April, they are projected to raise the cost of imported construction materials by more than $3 billion, NAHB says.
“As we enter the spring home building season, NAHB remains concerned that the continued threat of tariffs will make it harder for builders and their customers to move ahead with new construction projects,” Hughes said in a statement. “With the nation facing a housing affordability crisis, we continue to believe that critical construction materials should be exempt from any future tariffs.”
