The U.S. Commerce Department imposed a 10% tariff on all timber and lumber imports on Sept. 30 after announcing that it found these imports pose a national security risk.
The lumber tariffs and an additional 25% tariff on kitchen cabinets and furniture will go into effect Oct. 14.
“These new tariffs will create additional headwinds for an already challenged housing market by further raising construction and renovation costs,” National Association of Home Builders Chairman Buddy Hughes said in a statement.
The U.S. imports roughly one-third of the lumber it consumes because the country does not produce enough softwood lumber to meet its domestic demand, according to NAHB.
Canada accounts for nearly 85% of all U.S. lumber imports, and in the past several weeks, the Commerce Department has more than doubled tariffs on Canadian lumber from 14.5% to 35%. With the new 10% tariff, Canadian lumber tariffs will rise to 45%.
The NAHB stated in a news release that imposing new lumber tariffs would make housing more expensive.
Read NAHB’s full article here.
