
New tariffs on timber and furniture introduced by US President Donald Trump go into force on Tuesday in a move likely to make building a home in the US even more expensive.
The White House says the duties are being imposed to boost US industries and protect national security.
As of Tuesday, imports of softwood lumber to the US will face duties of 10%, and some upholstered furniture and kitchen cabinets will be hit by tariffs of 25%.
Some tariffs are set to rise next year from January 1, when the levy on imports of upholstered furniture goes up to 30% and that for kitchen cabinets and vanities to 50%.
Some trading partners that have struck deals with the Trump administration, however, will not be affected as badly by the second rise.
Wood products from the UK will thus not face tariffs of more than 10% and there is a 15% cap on those from the European Union and Japan.
Canada, which is the main supplier of lumber to the US, will be particularly hard hit, as the country is already facing 35% in anti-dumping and countervailing duties, meaning that the new tariff brings levies on Canadian lumber to 45%.
Vietnam, Mexico and China will also face a major impact from the tariffs as major exporters of furniture to the US.
Posted by John3262005
2 Comments
Make building a house expensive.
Make being homeless a crime.
Just brilliant stuff out of Trump
ACCELERATE