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The U.S. Commerce Department has released a report concluding that the United States must double its tariff on Canadian softwood lumber, raising the figure from 9% to 18%. As reported by Fortune, the increase would seek to combat alleged unfair Canadian trade practices, where lumber production is.
The Biden administration is recommending doubling tariffs on Canadian lumber despite the current skyrocketing prices for the materials for U.S. consumers.
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WASHINGTON - The U.S. Department of Commerce says it will seek to double tariff rates on most Canadian softwood lumber, angering home builders.
New rates vary by company. West Fraser goes from 9 percent to 11.4 percent, Canfor from 4.6 to 21 percent, Resolute Forest from 20.3 to 30.2 percent, and J.D. Irving from 4.2 to 15.8 percent.
The overall increase is from 9 percent to 18.32 percent.
Home builders, who had been urging for a removal of tariffs, expressed their disappointment.
“At a time when soaring lumber prices have added nearly $36,000 to the price of a new home and priced millions of middle class households out of the housing market, the Biden administration’s preliminary finding to double the tariffs on Canadian lumber shipments shows the White House does not care about the plight of American home buyers and renters who have been forced to pay much higher costs for housing, said National Association of Home Builders chairman Chuck Fowke.