On the 22nd local time, CNN, citing a recent study by the Canadian Chamber of Commerce, reported that Trump’s tariff policies could significantly increase the construction costs of future American homes, further exacerbating the already severe housing crisis in the United States.
The report indicates that if the Trump administration continues to implement its tariff policies, especially those targeting imported goods from Canada, it is estimated that by the end of 2027, the average cost of building a home in the US will increase by approximately $14,000. The report states that only in 2023, 69% of the imported wood, 25% of the imported steel, and 18% of the imported copper in the US were sourced from Canada, all of which are key building materials. The report also highlights that Texas, Florida, and California may be most severely affected due to their significant reliance on imported building materials.
The latest data released by the National Association of Home Builders also shows that Canada is the third-largest importer of building materials for the US. Against the backdrop of escalating trade tensions between the US and Canada, currently about 60% of builders have begun facing pressure from rising material costs. Previously, the US government had claimed that tariff costs would be borne by “foreign exporters dependent on the US economy.” In response, the National Association of Home Builders stated that with current record-high housing prices and high mortgage rates, tariff policies would only further drive up housing prices, and the high housing costs would ultimately be borne by ordinary American consumers.
Source: News App