Page 26 - Builder Brief September 2024 Issue
P. 26
AFFORDABILITY
U.S. NEARLY DOUBLES CANADIAN LUMBER TARIFFS
The U.S. Department of Commerce today raised tariffs on imports of Canadian softwood lumber products from the rate of 8.05% to 14.54% following its annual review of existing tariffs.
Although NAHB is disappointed by this action, this decision is part of the regularly scheduled review process the United States employs to ensure adequate relief to American compa- nies and industries impacted by unfair trade practices.
The Department of Commerce initiated its fifth admin- istrative reviews of its softwood lumber anti-dumping and countervailing duty orders in March 2023 and announced its preliminary findings of these reviews at the beginning February 2024. On Aug. 19, the agency issued its final results on anti- dumping and countervailing duties averaging a combined total of 14.54%, and these higher duties are now in effect.
For years, NAHB has been leading the fight against lumber tariffs because of their detrimental effect on housing afford- ability. In effect, the lumber tariffs act as a tax on American builders, home buyers and consumers.
With housing affordability already near a historic low, NAHB continues to call on the Biden administration to suspend tar- iffs on Canadian lumber imports into the United States and to move immediately to enter into negotiations with Canada on a new softwood lumber agreement that will eliminate tariffs altogether. And we continue to work with our allies in Congress to put pressure on the administration to take action.
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26 SEPTEMBER 2024 | GREATER SAN ANTONIO BUILDERS ASSOCIATION
