WASHINGTON–Credit union members could be paying more for new homes as the result of President Trump’s proposed tariffs on steel and aluminum.
The National Association of Homebuilders has joined with several other organizations in responding to the proposed tariffs with concern, saying higher steel costs will increase costs for its member home builders, costs that will eventually be passed on to homebuyers.
The homebuilding industry has dealt with the tariffs issue in the past. In April 2017, Trump placed the first tariffs of his presidency on five Canadian lumber companies, ranging from between 3% to 24%. Those tariffs were in response to Canada's restrictions on the import of U.S. dairy products.
According to Bloomberg, lumber prices have increased 31% since then.
"Given that home builders are already grappling with 20% tariffs on Canadian softwood lumber and that the price of lumber and other key building materials are near record highs, this announcement by the president could not have come at a worse time," Randy Noel, chairman of the National Association of Home Builders, said in a statement.