2 minute read
Movement on the U.S.-Canada softwood lumber impasse.
from HBSD-0222
by ensembleiq
Market Insights U.S. lowering softwood lumber tariffs
The U.S. Department of Commerce decided to reduce duties on most softwood lumber imports from Canada.
On Jan. 31, the department issued its third administrative review on Canadian softwood lumber imports which reduces countervailing and antidumping duties from 17.91% to 11.64%.
This move arrives after the Department of Commerce previously doubled duties from 9% to 17.9% last November.
Industry advocates have pleaded for a reduction in duties on softwood lumber and are applauding this latest move by the Department of Commerce. Lumber pricing fluctuation and high costs have been blamed as major culprits behind harming housing affordability.
The National Association of Home Builders (NAHB) has been one of the agencies arguing for lower U.S. tariffs on softwood lumber imports.
“NAHB welcomes the Biden administration’s move to reduce duties from 17.99% to 11.64% on softwood lumber shipments from Canada into the U.S. Reducing these tariffs is an important
step forward to addressing America’s growing housing affordability crisis and easing extreme price swings in the lumber market that have added more than $18,600 to the price of a new home since late summer,” said Chuck Fowke, chairman of the NAHB. The National Lumber and Building Material Dealers Association (NLBMDA) has also aggressively lobbied the Canadian softwood lumber tariffs have Biden administration on the need to been a long-running poinit of contention. lower softwood lumber tariffs and return to the negotiating table with Canada on a new long-term softwood lumber agreement. In a prepared statement sent to members, the NLBMDA said it is “encouraged by commerce’s decision and will continue to engage the administration on softwood lumber tariffs and other critical policies affecting the lumber and building material supply chain.” The NLBMDA and NAHB sent letters to the White House last fall urging for reductions on duties.
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