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CA
Trump hits Canadian lumber producers with additional 10% tariff
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Investment Executive
The tariffs will take effect Oct. 14, with the rate applied to kitchen cabinets and vanities set to jump to 50% on Jan. 1 unless countries reach a deal with the U.S.
The British Columbia Lumber Trade Council says the new tariffs are “misguided and unnecessary” and will drive up lumber costs, making housing less affordable for American families.
The council says that with Canadian lumber producers already facing duties of just over 35% from the U.S., the newly announced tariffs will “impose needless strain on the North American market.”Earlier this month, Canada dropped two legal challenges of U.S. duties on Canadian softwood lumber, as Global Affairs Canada said the decision was made “in close consultation with Canadian industry, provinces and key partners, and it reflects a strategic choice to maximize long-term interests and prospects for a negotiated resolution with the United States.”