How Tariffs Will Affect Remodeling Industry Still Unknown
The White House on April 2 imposed a 10% baseline tariff on all of America’s trading partners, with the exception of Canada and Mexico, and elevated tariff rates on dozens of nations that could reach 50%, according to the National Association of Home Builders, which has been advocating on behalf of residential remodelers and home builders.
The tariff exceptions for Canada and Mexico are significant because Canada accounts for roughly 85% of all U.S. softwood lumber imports and accounts for nearly a quarter of the available supply in the U.S., the NAHB reported. Exempting Mexican products is also important because major construction cost drivers include gypsum, concrete, and near-shored appliances.
“While the complexity of these reciprocal tariffs makes it hard to estimate the overall impact on housing, they will undoubtedly raise some construction costs,” said NAHB Chairman Buddy Hughes in an official statement. “However, NAHB is pleased President Trump recognized the importance of critical construction inputs for housing and chose to continue current exemptions for Canadian and Mexican products, with a specific exemption for lumber from any new tariffs at this time.”
Read more about the financial effect from NAHB economists.
Read the White House announcement.
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