U.S. President Donald Trump has released details on a new series of tariffs, including levies on softwood lumber that could have serious effects on Canada’s lumber industry.
Trump signed a proclamation on Sept. 29 that puts 25 percent tariffs on kitchen cabinets, bathroom vanities, and upholstered furniture, building on a promise he made last week. The proclamation also puts 10 percent tariffs on imports of timber and lumber, and does not mention any exemptions as part of the United States-Mexico-Canada Trade Agreement (USMCA).
The new tariffs, when combined with existing anti-dumping and countervailing rates, would push the average tariff rate for lumber products from 35 percent to more than 45 percent, according to the Forest Products Association of Canada (FPAC)….