Canadian Lumber Tariffs Cut by More than Half
A final third administrative review has been issued by the Department of Commerce to reduce duties on shipments of Canadian lumber into the United States by more than half.
According to NAHB, the new 8.59% lumber tariff is expected to take effect later this month. Although lower tariffs could help to ease extreme price swings in the lumber market that have added $14,300 to the price of a typical new home since the early stages of the pandemic in the spring of 2020, the fact remains that the Commerce action does not adequately address the issues surrounding Canadian lumber — that all parties must come to the table to negotiate a long-term solution that puts an end to the tariffs.