In an email on Tuesday, February 1st, the U.S. Department of Commerce announced a review of reducing countervailing and antidumping duties on Canadian softwood lumber to 11.64%. This news follows after the U.S. raised rates on Canadian softwood lumber imports to 17.9% in November 2021, nearly double what it was previously.
The American Building Materials Alliance (ABMA) has been in opposition of the tariff increase since news of it first hit the market. On November 29th, 2021, just days after the increase was put in place, ABMA delivered a letter to Commerce Secretary Gina Raimondo. News of this reduction to 11.64% is a greatly welcomed win for ABMA and its members.
At a Senate hearing, Secretary Raimondo said that she “supports finding a lasting solution for the Canada softwood lumber issue to end the need for anti-dumping and countervailing duties.” The final decision on rates won’t be known until August.
The ABMA has made a new Softwood Lumber Agreement (SLA) a priority issue. A new SLA would bring stability and predictability to the pricing and availability of softwood lumber. The ABMA stands ready to work with the Biden Administration to help support initiatives that will lead to a negotiated agreement as soon as possible.
Copyright 2021 ABMA Inc.