As Trump follows the threat of mandating Canadian wood and plaster from Mexico, the National Association of Home Builders is wary of potential impacts on housing costs.
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President Trump said he’s quickly added steel and aluminum to his list of building materials that could be subject to tariffs and is flying with him to the Air Force 1 Super Bowl.
“Steel coming into the US will have 25% tariffs,” Trump said on Sunday, adding that aluminum imports will also be hit by duties, the Associated Press reported.
Trump signed the declaration on Monday, implementing a 25% tariff on imported steel and increasing the aluminum tariff from 10% to 25%.
“President Trump is taking action to protect America’s important steel and aluminum industries, which are harming unfair trade practices and global overcapacity,” tariffs said on March 12. It is set to take effect. Tuesday.
The National Association of Housing Builders (NAHB) is wary of the potential impact on Trump’s February 1 housing costs to increase tariffs on goods from Canada and Mexico by 25%.
With already 14.5% of the duties on Canadian wood, home builders can pay the US government a 40% extra fee as soon as they build a home using Canadian wood, Nahb said I’m warning.
According to the NAHB, $8.5 billion (70%) of $8.5 billion (70%) imported into the US in 2023 came from Canada. 71% of the $456 million lime and gypsum products imported in 2023 came from Mexico.
“For most products, costs are passed to end users, meaning consumers,” NAHB maintains. “So, building materials tariffs increase the cost of homes, and consumers pay the tariffs in the form of higher home prices.”
NAHB also praised the Jan. 16 nomination of Homebuilder Scion Bill Pulte, leading federal regulators for Fannie Mae and Freddie Mac, addressing housing costs in an executive order on January 21, but orders are detailed There was a shortage of them.
The increase in tariffs on Canadian and Mexican goods was held on 30 days on February 3, but a 10% increase in duties imposed on Chinese products came into effect last week. China is retaliating with tariffs on US-produced crude oil, liquefied natural gas, agricultural machinery and other products that will take effect on February 10, the AP reported.
Some investors and economists are concerned that the Trump administration’s plans to impose tariffs, cut taxes and deport millions of immigrants will rekindle inflation.
In a February 5 interview with Fox Business Host’s Larry Kudlow, Treasury Secretary Scott Bessent said the Trump administration’s strategy to combat inflation officials to reduce energy costs by boosting US oil production is I stated.
Tariffs are a “means to the end” to bring manufacturing back to the US, Bescent said that as production returns to the US, “it would theoretically become a shrinking ice cube.”
The extension of the 2017 tax cuts signed to the law by Trump should involve spending cuts, the Treasury Secretary said.
“You know, we’re going to cut spending, cut government size, increase government efficiency and move on to a good interest rate cycle,” Bescent said.
Editor’s Note: This story was updated with caution that President Trump signed the declaration on Monday.
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