President Trump's introduction of tariffs on imports from China, Mexico, and Canada is poised to increase the costs of building new homes. The National Association of Home Builders notes that approximately one-third of U.S. lumber is imported, with 70% from Canada. Tariffs on materials like drywall, lumber, and HVAC units will elevate construction costs. Industry representatives suggest that the average new home's cost could rise by $10,000 to $15,000, challenging the housing market amidst already existing inflation and interest rate increases.
The new tariffs on imports from China, Mexico, and Canada are expected to significantly raise the cost of building new homes in the U.S.
Jim Tobin emphasizes that these tariffs will impact every aspect of home construction, leading to higher costs for new homes.
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