Trump’s 60% tariffs on Chinese imports set to impact $50 billion wood trade market

Posted on December 20, 2024   |  

The tariffs—up to 60% on Chinese imports, 25% on USMCA partners like Canada and Mexico, and 10% on other nations—affect the $50 billion trade in imported wood products.

Low-income Americans are expected to bear a significant burden, with an estimated $25 billion increase in timber import costs.

Since the 2018–19 China-US trade war, 62% of US imports from China face an average tariff rate of 16%, significantly lower than initially promised by Trump.

The wood products sector, which enjoys near-zero tariffs under most US free trade agreements, is highly exposed to these new tariffs.

Tariffs on Chinese furniture and plywood will increase from 16.2% to 60%.

The tariffs on Canadian softwood lumber will rise from 14.54% to 25%, affecting the industry deeply.