Home Breaking News U.S. to slap 20% tariff on Canadian softwood lumber imports

U.S. to slap 20% tariff on Canadian softwood lumber imports

75
SHARE


The Trump administration is taking retaliatory action against Canada over a trade dispute, moving to impose a 20% tariff on softwood lumber that is typically used to build single-family homes.

In an interview Monday, Commerce Secretary Wilbur Ross said the tariff will be applied retroactively and imposed on Canadian exports to the U.S. of about $5 billion a year. He said the dispute centers on Canadian provinces that have been allegedly allowing loggers to cut down trees at reduced rates and sell them at low prices.

The determination that Canada improperly subsidizes its exports is preliminary, and the Commerce Department will need to make a final decision. In addition, the U.S. International Trade Commission will need to find that the U.S. industry has suffered injury. But even a preliminary decision has immediate real-world consequences, by discouraging importers from buying lumber from Canada.

“We tried to negotiate a settlement but we were unable,” Ross said, adding that previous administrations have also been unsuccessful in resolving the dispute.

An expanded version of this report appears on WSJ.com.

Do you have what it takes to launch a successful startup?

David Jegen of F-Prime Capital, the venture capital arm of Fidelity Investments, talks to MarketWatch about what young entrepreneurs can do to secure funding for their startup.

Also popular on WSJ.com:

French presidential runoff heralds new political era.

Trump wants tax plan to cut corporate rate to 15%.



Source link