President Trump has increased tariffs on imported steel and aluminum from 25% to 50%, escalating his trade war. This move is expected to significantly impact the housing market by raising construction costs, which builders predict will lead to higher home prices. Analyst Hannah Jones from Realtor.com warns that while the tariffs aim to boost domestic production, the current capacity of local manufacturers is insufficient to replace the lost imports, causing economic uncertainty and slowing new construction activities. This could worsen housing affordability and exacerbate existing shortages in rental properties.
"Higher tariffs on steel and aluminum are likely to raise the cost of key construction materials, and these added costs could be passed through to homebuyers through higher home prices."
"Higher housing costs would worsen housing affordability at a time when many buyers are already sidelined, potentially reducing demand and slowing construction even more."
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