President Donald Trump declared a “national emergency”, announcing reciprocal tariffs for numerous foreign countries in addition to the previously announced 25 percent tariff on lumber and 50 percent tariff on steel and aluminum from Canada and Mexico.
The Senate passed a resolution (51-48) to terminate the national emergency on goods from Canada. The bill is likely dead on arrival in the House.
According to the National Association of Home Builders, nearly 72 percent of sawmill and wood products used for construction in 2024 came from Canada, amounting to about $6 billion in imports.
In the National Multifamily Housing Council’s March 2025 Quarterly Survey of Construction & Development Activity, 75% of respondents reported their deals repriced with an average four percent increase.
