Proposed tariff hikes on US wood imports could raise domestic prices

Higher tariffs proposed by President-elect Donald Trump could significantly impact the wood products sector, potentially increasing import taxes on a key trade commodity. According to an analysis by the Peterson Institute for International Economics (PIIE), these measures could disrupt trade valued at $50 billion in 2023. The proposed tariffs include a 60% hike on imports from China, a 25% increase for USMCA partners such as Canada and Mexico, and a 10% rise for other nations. China currently supplies 13% of US wood product imports, while free trade agreement (FTA) partners like Canada and Mexico account for 50%, and ...