U.S. hikes softwood tariffs

The U.S. Commerce Department announced this week that it will double the rate of duties on most Canadian softwood lumber imports. Tariffs will rise to at least 17.9 percent from the current 8.99 percent, with some producers required to pay even more. The new rates are expected to come into effect Dec. 1

“These unfair duties hurt not only B.C. businesses and workers, but also U.S. consumers looking to repair, remodel, and build new homes,” said Susan Yurkovich, president of the B.C. Lumber Trade Council.

“We do not believe the Canadian government or Biden administration is focused on solving this issue as the trade dispute is not currently causing any job losses in Canada, given healthy commodity prices,” wrote Hamir Patel of CIBC World Markets in a research note.