The White House is pushing back on claims that President Trump's tariffs on Canadian imports will raise the cost of US homeownership. A new report from the Canadian Chamber of Commerce estimates the average cost of building a US home could rise by an additional $14,000 by the end of 2027 if tariffs on Canadian imports continue. When accounting for tariffs first imposed during Trump's first term, the added cost could hit $20,000, according to the report, which notes 69% of US lumber imports, 25% of iron and steel imports, and 18% of copper imports came from Canada in 2023, per CNN.
White House spokesperson Kush Desai disputes the report, repeating the administration's claims that the cost of tariffs will not fall on US consumers, but rather on "foreign exporters." He says "prices of imported goods have actually fallen this year despite President Trump's historic tariffs," per CNN. However, an April survey from the US National Association of Home Builders (NAHB) found 60% of home builders had reported tariff-related price increases. Canadian softwood lumber makes up almost a quarter of the US supply, according to the NAHB. The two countries have been without a softwood lumber agreement since 2015.
There's now a 14.5% tariff on imported Canadian softwood, which could rise to 34%, per Fox Business. There's also a 50% tariff on imported steel, aluminum, and copper, per CNN. But the US Lumber Coalition argues it's not the price of lumber that's driving up building costs, but rather other rising costs. It continues to call for a quota on and "a single-digit market share" for Canadian lumber, per the National Post. In recent days, Canadian Prime Minister Mark Carney and British Columbia Premier David Eby have both expressed willingness to support such a quota, with Carney saying that resolving the softwood lumber dispute is a "top priority," per the Canadian Press.
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