U.S. looks to reduce Canadian lumber duties
– Department of Commerce ruling could result in duties being slashed from 20% to just above 8%.
The National Association of Home Builders (NAHB) said there could be good news on the way for home builders and home buyers.
The U.S. Department of Commerce said that it plans to reduce duties on shipments of Canadian Lumber in the United States. Current duties average more than 20%.
But after conducting an administrative review, the Department of Commerce has issued a proposal in the Federal Register that could lower the countervailing and antidumping duties to just over 8%. The department will make a final ruling in August.
Lumber prices have steadily climbed since June of last year. But a NAFTA Panel determined last September that the U.S. lumber industry is not being undermined by imports from Canada.
The NAHB said that a recovering housing market is helping to fuel the increase in lumber prices. U.S. housing production in December hit 1.6 million units on a seasonally adjusted annual basis, the highest level since December 2006.
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