U.S. Finalizes 35% Tariffs on Canadian Softwood Lumber
New U.S. Tariffs on Canadian Lumber Take Effect Sept. 1
There were more new developments in the U.S. tariff situation for wood imported from Canada. The US Department of Commerce announced final rates for “countervailing duties” on softwood lumber. The final tariffs represented a slight increase from preliminary rates that were announced earlier this year.
The tariffs are expected to go into effect by September 1. Combined with anti-dumping tariffs, they are expected to total 35.19%.
The tariffs are expected to be a boost for U.S. softwood lumber mills (and perhaps to their American softwood timber suppliers). But they are protested by many homebuilders because of expected price increases on construction lumber.
Details will be published in the Federal Register. They are based on the economic analysis of the year 2023.