U.S. Tariffs on Mexico and Canada Take Effect

Following previous announcements regarding impending tariffs on Canada and Mexico, President Donald Trump has officially imposed 25% tariffs on Mexican and Canadian imports. The president also increased tariffs on Chinese products to 20% and taxes on Canadian energy will be limited to 10%.

The tariff enforcement brought immediate backlash, with Beijing imposing tariffs of up to 15% on U.S. farm exports, and Canadian Prime Minister Justin Trudeau announcing plans to place tariffs on $100 billion of U.S. goods in the next 21 days, according to the Associated Press. 

The tariffs are expected to exacerbate the already high price increases on U.S. goods and will also directly impact the home improvement industry. Costs of imported steel and aluminum products are expected to rise by several billion dollars, significantly affecting builders’ ability to complete projects, says the National Association of Home Builders (NAHB).

“We will continue to work with the administration to remove regulatory and other barriers that raise housing costs and hinder the production of new homes and apartments,” says Carl Harris, NAHB Chairman.