The Commerce Department has made the decision to reduce its duties on shipments of Canadian lumber into the U.S., down to 9% from more than 20%. This development comes as the Random Lengths Framing Composite Price trends downward from its spike over the summer; however, it still sits more than 60% higher than its price in mid-April.
“The Commerce Department’s action to reduce duties from more than 20% to 9% on softwood lumber shipments from Canada into the U.S. is a positive development, but more needs to be done,” said NAHB Chairman Chuck Fowke. “Tariffs have contributed to unprecedented price volatility in the lumber market in 2020, leading to upward pressure on prices and harming housing affordability for American consumers. The U.S. needs to work with Canada to end the tariffs and achieve a long-term, stable solution in lumber trade that provides for a consistent and fairly priced supply of lumber.”
