When the floodwaters from Hurricane Florence recede and rebuilding kicks into high gear, homeowners and businesses will face an additional burden as tariffs imposed by the Trump administration drive up the cost of construction materials. Homebuilders and contractors say the administration’s trade policy will add to the price increases that usually follow natural disasters. All told, some builders estimate that construction costs could be 20 to 30 percent higher than they would have been without these tariffs. “We’re all going to pay the price for it in terms of higher construction costs,” said Alan Banks, president of the North Carolina Home Builders Association. The Trump administration imposed a 20 percent tariff on Canadian softwood lumber late last year, and supply shortages have also driven up prices.

Source: New York Times September 21, 2018 20:02 UTC