The recent tariffs imposed by Trump on trade partners, including Canada, Mexico, and China, will significantly impact the U.S. housing market and construction sector. Experts predict that these tariffs will lead to increased prices of construction materials such as steel, lumber, and machinery, intensifying existing affordability issues in housing. Although early estimates on the precise impact on housing costs are not available, a few billion dollars in increased material costs per year is anticipated. The construction industry, contributing 4% to the GDP, will face challenges with rising prices and extended project timelines.
Trump imposed new tariffs this week on major trade partners, increasing costs in housing and construction—crucially affecting material imports.
Joe Brusuelas states that the tariffs will exacerbate existing affordability issues in housing due to higher costs for construction materials.
Tariffs are expected to raise raw material prices significantly, impacting the construction industry which comprises 4% of the nation's GDP.
With 30% of wood for homes coming from Canada, the impending costs will reflect in higher consumer prices.
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