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U.S. Raises Canadian Softwood Lumber Duty to 14.54%, Impacting $8.4B Trade

Aug 14, 2024, 05:24 PM

The United States has significantly increased the duty on softwood lumber imports from Canada, raising the rate from 8.05% to 14.54%. This move has been criticized by Canada's Trade Minister, Mary Ng, who described the higher duties as unfair and unwarranted. The increase in tariffs is expected to have a substantial impact on the Canadian lumber industry, as 56% of Canadian softwood lumber is exported to the U.S., amounting to $8.4 billion. The decision has sparked concerns about potential job losses in Canada and has been labeled as a devastating blow to the industry.