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U.S. to lower duties on shipments of Canadian lumber from 17.99% to 11.64%
Posted on February 2, 2022 |
- The Commerce Department took a positive measure and issued its third administrative examination to lower duties on shipments of Canadian lumber into the United States from 17.99% to 11.64%.
- Canadian lumber producers have been on a roller-coaster ride when it comes to duty rates as 9 weeks ago, the Commerce Department doubled tariffs on most Canadian producers by 17.99% which added more than $18,600 to the price of a new home and deteriorated America's housing affordability crisis.
- Lower tariffs will mitigate uncertainty and associated volatility that harmed the marketplace, which will help to ease upward price pressure on lumber prices.