Larger companies like the Home Depot have a more steadied approach to the tariffs.
SEATTLE (Scrap Monster): On Tuesday, the White House confirmed plans to impose a series of tariffs on imported goods, including lumber from Canada.
The Trump administration is calling Wednesday “Liberation Day,” where those tariffs will be formally announced at the White House.
Builders in Atlanta were bracing for the tariffs on Tuesday.
“I think the prices are going to go up, and we’ll have to pass the costs on to the consumer,” said Rodney Ingram, a general contractor in Atlanta.
Ingram said one of his prospective customers has already downsized an add-on project because of the looming tariffs.
“He wanted to see what was going to happen over the next few months,” said Ingram.
Atlanta News First called the homeowner, who confirmed his concerns over the threat of rising costs for the project.
Other contactors told Atlanta News First they anticipate consumers to understand if prices go up as part of market trends.
“I think it’s going to slow down the market a little bit, I believe,” said Ingram while standing outside a renovation project in Conyers.
Larger companies like the Home Depot have a more steadied approach to the tariffs.
A Home Depot spokesperson told Atlanta News First: “We are our customers’ advocate for value. Our merchandising and supply chain teams continuously work with our suppliers to identify opportunities to diversify product sourcing. We’ve been through this before and will manage through the new tariffs similarly to how we have done so in the past.”
According to National Association of Home Builders (NAHB), the tariffs will cause the cost of building a home to increase by $9,200, on average.
Roughly 85% of the U.S. supply of imported softwood lumber (pine, fir, spruce, cedar) comes from Canada, according to the NAHB.
In addition, the NAHB said roughly a quarter of the U.S. stock of softwood lumber comes from Canada.
Atlanta Habitat for Humanity told Atlanta News First it expects home building costs to increase in light of these tariffs.
“Although details regarding the implementation of tariffs on lumber are still unfolding, we believe the overall impact on the cost of home building in the U.S. will be significant,” said Jim Blackstone, senior vice president of Housing & Land for Atlanta Habitat for Humanity.
The Trump administration is expected to detail its plans for the tariffs in an event at 4 p.m. on Wednesday at the White House.
Courtesy: www.wrdw.com
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