Tariffs on Imported Steel and Aluminum Set to Take Effect in March
The White House has announced that 25% tariffs on all imported steel and aluminum products will take effect in March.
“Through an executive order on his first day in office, President Trump made it a top priority to reduce housing costs and increase housing supply to ease the nation’s housing affordability crisis,” said NAHB Chairman Carl Harris. “The administration’s move to impose 25% tariffs on all steel and aluminum products imports into the U.S. runs totally counter to this goal by raising home building costs, deterring new development and frustrating efforts to rebuild in the wake of natural disasters. Ultimately, consumers will pay for these tariffs in the form of higher home prices.”
According to NAHB, After the president signed two executive orders to impose the tariffs, the White House issued a fact sheet stating it is acting to “protect America’s critical steel and aluminum industries, which have been harmed by unfair trade practices and global excess capacity.”
The new tariffs on steel and aluminum products are projected to raise the cost of imported steel and aluminum products by several billion dollars, adding layered costs that could substantially impact builders’ ability to deliver new single-family and multifamily projects.
