"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. Who will be most affected? 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%."
"Experts say the new tariffs will push up construction costs, making things even more challenging for homebuyers on an already difficult market. Since taking office in January, the Trump administration has caused considerable turmoil on world markets by imposing seemingly arbitrary tariffs on a number of imported goods, including metals and cars, arguing that the US has too long been the victim of unfair trade practices by other countries."
As of the tariff start date, softwood lumber imports to the US face 10% duties while certain upholstered furniture and kitchen cabinets face 25% tariffs. On January 1 the levy on upholstered furniture rises to 30% and tariffs on kitchen cabinets and vanities rise to 50%, with negotiated partners subject to lower caps (UK 10%, EU and Japan 15%). Canada faces particularly high levies because existing anti-dumping and countervailing duties raise total charges on Canadian lumber to 45%. Vietnam, Mexico and China face major impacts as furniture exporters. The measures will increase construction costs and strain the housing market.
Read at www.dw.com
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