The announcement of President Trump’s plans to impose a 10 percent tariff on aluminum imports and an even larger 25 percent tariff on steel imports, could have a downer impact on home construction, charges one industry leader.
“This announcement by the President could not have come at a worse time,” said Randy Noel, the chairman of the National Association of Home Builders. “Tariffs hurt consumers and harm housing affordability.”
Noel continued: “We hope the administration will work quickly to resolve these trade disputes regarding lumber and steel so that businesses and consumers have access to an adequate supply at a fair market price.”
Industry experts say that the tariffs, which could cause the price of aluminum and steel to increase in the U.S., may prove particularly rough-going for office, condo, and apartment construction, which tend to use more of those materials than do home-builders.
In making his tariff announcement, Trump pointed to an “$80 billion dollar yearly trade deficit,” that he said exists because of “our very stupid trade deals and policies.”
In meeting with steel and aluminum producing executives, Trump added “You’ll have protection for a long time. You’ll have to regrow your industries. That’s all I’m asking.”
By Garry Boulard
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