Tariffs may be one of President Donald Trump’s hammers in the trade war with Canada, but it’s also reportedly hitting U.S. consumers too. As Global News reports, according to the National Association of Home Builders (NAHB), Trump’s tariffs on lumber are making the average single-family dwelling about $9,000 more expense for potential American home buyers.
(RELATED: More Americans Support Trudeau Over Trump In Tariff War)
When the president slapped a 20 percent tariff on Canadian wood last November he also made a multi-family unit $3,000 more expensive than it was before the duty was imposed.
NAHB Chairman Randy Noel notes on the organizaion’s webpage that lumber prices are on the incline anyway but that a tariff is only making the situation worse for American consumers. Noel says he explained the situation to Commerce Secretary Wilbur Ross in a recent meeting.
“Today, we discussed with Secretary Ross our mutual concern that lumber prices have risen sharply higher than the tariff rate would indicate, and that this is hurting housing affordability in markets across the nation,” reads a statement from Noel.
He told Ross that the administration should be moving to draw down or remove tariffs on softwood lumber before the escalating price puts more Americans out of the housing market.
“We also encouraged the secretary to return to the negotiating table with Canada. It is essential that the two sides resume talks and hammer out a long-term solution to this trade dispute that will ensure U.S. home builders have access to a stable supply of lumber at reasonable prices to keep housing affordable for hard-working American families.”
Canadian softwood accounts for about 28 percent of lumber sold in the U.S.: the largest source of wood exports.