DSNews
President Trump caught many by surprise last week by announcing planned tariffs on steel and aluminum, jostling the markets and prompting analysts to weigh in on the prospects of a trade war. But how would the proposed tariffs affect the housing industry?
The National Association of Homebuilders announced their opposition to the proposed tariffs on Thursday of last week, warning that the increased steel costs would, in turn, raise construction costs, which would then further drive up already inflated home prices. The planned tariffs could add 25 percent to steel prices and 10 percent for aluminum from foreign suppliers. This would come atop tariffs the President imposed on Canadian lumber companies in April 2017, which also affected the home construction industry here in the States. According to Bloomberg data, lumber prices have increased by 31 percent since those tariffs were imposed.
