US Edition
Trump's wood tariffs could impact housing construction and renovations
Tariffs on imported wood products aim to protect U.S. industry but coincide with a 13% national drop in homes under construction, officials said.
- Beginning Tuesday, the Trump administration imposed tariffs on foreign wood products, including a 25% tariff on kitchen cabinets and bathroom vanities, affecting timber, lumber, and other imports.
- Rising pre-tariff costs and industry data show wood-related expenses made up over 64% of a new home's price last year, and the Trump Administration said tariffs aim to protect the American wood industry.
- National housing starts data show homes under construction are down more than 13% year-over-year, with single-family down more than 5% and multifamily down more than 20%, and Zack Fritz, economist, said `I think in the current environment, home builders will eat some of those costs`.
- The tariffs risk increasing costs for buyers as Redfin economist Chen Zhao warned, `Long-term when we increase the cost of building homes that means builders will just build fewer homes and that means that buying a home or renting a home will be more expensive in the future`.
- Local experts in the Triangle say Wake County inventory nears pre-pandemic levels, but labor shortages and sawmill processing delays also shape construction, with Paul Kane noting, `The pricing of lumber affected by tariffs is just one of so many components`.
36 Articles
36 Articles
Homebuilding is getting even more expensive and volatile under new tariffs
Homebuilders and homebuyers are facing a tricky calculation in trying to nail down the cost of construction due to tariffs.Beginning Tuesday, the Trump administration added a 10% tariff on imports of timber and lumber and a 25% tariff on kitchen cabinets and bathroom vanities and some furniture."The obvious implication is they make home building more expensive," said economist Zack Fritz.Fritz works with The Associated Builders and Contractors, …
Trump tariffs on kitchen cabinets and lumber come into force
Trump tariffs on kitchen cabinets and lumber come into force New US tariffs on imported kitchen cabinets, vanities, lumber, timber and certain upholstered furniture have come into effect. Under a proclamation signed by President Donald Trump last month, a 10% tariff on softwood lumber and timber…
Trump raises tariffs to boost U.S. lumber production
President Trump adds new tariffs on Canadian lumber to expand U.S. timber harvesting, aiming to reduce imports and strengthen domestic production. The post Why higher tariffs on Canadian lumber may not be enough to stimulate long-term investments in US forestry first appeared on Idaho Business Review.
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