Residential Real Estate News
Biden Administration Looking to Double Lumber Tariffs Charged to U.S. Home Builders
It's a Gut Punch to American Home Buyers and Home Builders, says NAHB
The National Association of Home Builders chairman Chuck Fowke issued the following statement after the U.S. Commerce moved forward last week with an administrative review to double the tariffs on Canadian lumber shipments into the U.S. from 9 percent to 17.9 percent:
"With the nation in the midst of a housing affordability crisis, the Biden administration has moved to slap a huge, unwanted tax hike on American home buyers and renters by doubling the tariffs on Canadian lumber shipments into the U.S. This is the worst time to add needless housing costs onto the backs of hardworking American families. Home builders are grappling with lumber and other building material supply chain bottlenecks that are raising construction costs. And consumers are dealing with rising inflation that is pushing mortgage interest rates higher.
"This decision undermines the historic funding commitment made to housing in the Build Back Better legislation and erodes efforts by Commerce Secretary Raimondo and other Biden administration officials to tackle the lumber and building materials supply issues plaguing the industry. Doubling the tariffs will only exacerbate market volatility, put upward pressure on lumber prices and make housing more expensive. Rather than placating China and Europe with sweetheart trade deals, the White House needs to change course and move immediately to engage with our Canadian partners on a long-term solution to the trade dispute that will end tariffs and help restore price stability to the lumber market."
