"New tariffs in these sectors were first announced Sept. 26 by Trump on social media, with further details rolled out earlier this week. Beginning Oct. 14, the U.S. will levy a 10% tariff on imported timber and lumber and a 25% tariff on kitchen cabinets, bathroom vanities and upholstered furniture. On Jan. 1, tariffs on cabinets and vanities will rise to 50%, while upholstered furniture will be taxed at 30%."
"These tariffs are really hard to understand given that the president has said to his supporters, I want to bring down inflation, I want to bring down interest rates, I want to help create an ownership society for you and your other friends and family members,' Anirban Basu, chief economist at the Associated Builders and Contractors, told the Times."
"Builders said the new policy will increase the cost of homes and renovations at a time when high interest rates have already depressed sales and construction. These new tariffs will create additional headwinds for an already challenged housing market by further raising construction and renovation costs, said Buddy Hughes, chairman of the National Association of Home Builders. Some developers said the timing could stall projects."
Beginning Oct. 14, the U.S. will impose a 10% tariff on imported timber and lumber and a 25% tariff on kitchen cabinets, bathroom vanities and upholstered furniture. On Jan. 1, tariffs on cabinets and vanities increase to 50% and upholstered furniture to 30%. The administration says duties protect domestic manufacturers from large-scale flooding of these products. Analysts and builders warn higher costs could slow construction, worsen the housing shortage and offset mortgage-rate relief. Builders and developers say tariffs will raise home and renovation costs and may stall projects. Industry groups supporting tariffs praised efforts to rebuild domestic manufacturing.
Read at www.housingwire.com
Unable to calculate read time
Collection
[
|
...
]