NAHB disappointed with Biden's steel tariff moves

While attending the G-20 summit in Rome, President Biden announced that the U.S. would ease tariffs on European steel and aluminum.

But the move has drawn concern and disappointment from the National Association of Home Builders (NAHB) given no action has been taken to lift duties on Canadian lumber.

The NAHB said the tariffs, driving up lumber prices, continue to harm housing affordability.

The association points to a report in the Wall Street Journal, noting that U.S. Commerce Secretary Gina Raimondo said the deal with the European Union “will provide relief in the supply chain and drive down cost increases. Of course it is also good for the American manufacturers who use steel and aluminum in their products.”

This prompted the following statement from NAHB Chairman Chuck Fowke:

“U.S. Commerce Secretary Raimondo was quoted as saying the agreement with the European Union will ‘provide relief in the supply chain and drive down cost increases.’ “But what about cost relief for millions of American home buyers and home owners who have seen the cost of housing rise by tens of thousands of dollars over the past year due in part to unprecedented lumber price volatility fueled by tariffs on Canadian lumber? Until a long-term solution can be reached, the administration needs to suspend duties on all imported building materials and goods, including Canadian lumber, to ease supply chain bottlenecks that are causing project delays and putting upward pressure on home prices.”

Over the past year, the NAHB has met with White House officials in both the Trump and Biden administrations to discuss lumber prices and tariffs, along with the need for a new softwood lumber agreement.