Just before the Thanksgiving holiday, the US decided to almost double the duties on Canadian softwood lumber from most producers to 17.9%. The current rate for most companies is about 9%.
The move not surprisingly upset Canada, where the softwood lumber industry contributed more than $25 billion to the nation's gross domestic product in 2020, according to Reuters.
It also riled up US groups such as the National Association of Homebuilders (NAHB), whose chairman, Chuck Fowke, said the move will only exacerbate market volatility, put upward pressure on lumber prices and make housing more expensive.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
