President Trump delivered an hour-long speech at the White House Rose Garden on April 2, dubbing it 'Liberation Day,' where he announced new tariffs, claiming they signify economic independence for the U.S. He argued that these new tariffs, which are lower than existing rates imposed by foreign countries, will not apply to Canada and Mexico. Homebuilders expressed concern over these tariffs, predicting a significant increase in construction costs, potentially adding $17,000 to $22,000 to new homes due to rising material prices driven by the tariffs.
Trump proclaimed April 2 as 'Liberation Day,' terming the new tariffs as a declaration of economic independence, presenting them as overall discounts compared to foreign tariffs.
Heavy tariffs on elementary materials are projected to raise home construction costs by 4% to 6%, leading to an increase of up to $22,000 per home.
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