Talk on tariffs affecting materials across the construction industry has taken over the past few months. This discussion is now a reality. On Oct. 14, the additional 10% tariff on softwood lumber and timber imports took into effect. This increases the current tariffs on Canadian lumber to a total of 45%. While duties on wood products from the UK will not exceed 10% and imports from European Union and Japan will not exceed 15%. Currently, up to 85% of all U.S. lumber imports hail from Canada.
New rates will apply to other imported goods, used throughout the homebuilding and remodeling industry. Kitchen cabinets and vanities will see a 25% increase now, which is expected to double on the first of next year. As well as a 25% tariff on upholstered wooden furniture will rise to to 30%. Time will tell how the industry shifts and adapts to these challenges.
These new tariffs will create additional headwinds for an already challenged housing market by further raising construction and renovation costs,” said NAHB Chairman Buddy Hughes in a statement last month.
