As hope for a trade deal between the United States and China faded once again this week, the construction industry is bracing for continued uncertainty and higher prices as tariffs on imports like lumber and heavy equipment remain in place.
After talks failed this week, President Trump tweeted that he will impose an additional 10 percent tariffs on virtually all goods from China, approximately $300 billion on Sept. 1.
For a broad scope of industries across America including homebuilders, the news was troubling.
A recent survey by the National Multifamily Council found that more than half of respondents are paying higher prices for materials and equipment. Increasing trade duties were cited as a factor.