The United States and Canada are long-standing trade partners in softwood lumber, which is used to build the American Dream. Yet despite U.S. reliance on Canada to fully satisfy our lumber demand, there is currently no trade agreement in place and, since late last year, there are tariffs averaging just over 20% on imports of Canadian softwood lumber. The disruption in trade has driven lumber prices to never before seen levels.
Since the beginning of last year, rising lumber prices have added nearly $9,000 to the price of a typical new home and more than $3,000 to the value of a typical multifamily unit. These record-high prices are making housing less affordable for American families.
In a letter to U.S. Commerce Secretary Wilbur Ross and U.S. Trade Representative Robert Lighthizer, 171 Members of Congress urged the Administration to return to the negotiating table with Canada to reach a new softwood lumber agreement.