U.S. President Donald Trump on Monday ordered significant new tariffs on wood and wood products, including imported lumber, timber, kitchen cabinets, and upholstered furniture-measures that could further raise the already surging costs of homebuilding and furnishing.
In a proclamation, Trump said the United States would impose a 10 percent tariff on foreign softwood lumber and timber, widely used in construction materials.
He also announced a 25 percent tariff on kitchen cabinets, vanities, and upholstered wooden furniture.
The new rates take effect October 14. Beginning January 1, the tariff on cabinets will rise to 50 percent and on upholstered furniture to 30 percent.
The White House earlier this year directed the Commerce Department to investigate whether imported lumber poses a national security threat. Most U.S. softwood lumber imports come from Canada, which Trump has repeatedly criticized for its export practices.
Trump argues that the United States has enough trees to meet domestic demand and has accused Canada of unfair trade practices, including tariffs on U.S. lumber.
Industry experts, however, warn that the new tariffs could drive up lumber and construction costs, ultimately pushing housing prices even higher for consumers.
Source: BNS
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