President Donald Trump is now saying he could impose reciprocal tariffs on Canadian lumber and dairy products as early as Friday.
This coming just one day after he paused tariffs on Canada and Mexico due to a 2020 agreement.
About 650 businesses with approximately 30,000 attending the Spring Home Improvement Showover three days indicates a good economy for the home improvement industry, according to the show promoters.
Part of the purpose of the tariffs, as stated in his executive order, is to keep his promise to stop the flood of illegal aliens and drugs.
“Raising of the tariffs is going to kind of balance the playing field, right?” Nick Chiasson, Montana Custom Millwork owner said. “It's going to level the playing field so that now all of a sudden these American sawmills can be it's more competitive on the products that they're making.”
Chiasson and his wife own the company and he says the tariffs could increase demand for American lumber, which means more workers in the lumber industry and in harvesting the timber.
“Yes, lumber prices are going to go up,” Chiasson said. “But you're not going to see any sort of boom or decrease in lumber, until something else changes."
Chaisson says lower interest rates will increase demand for new housing and increase demand for lumber.
Others at the Home Improvement show do not expect the tariffs to have a big effect on their businesses.
“In any given project, the price of your project might go up five, 10 percent,” said Jeremy van Waggoner, Pinnacle Remodeling & Design Center owner.
Van Waggoner say the tariffs will have more of an effect on new construction with the need for lumber than on remodeling.
With the tariffs, I think in the short term, people are going to see a little bit of a shock for maybe a few months,” van Waggoner said. “But I think in the long run it could be a good thing.”
They all say there are many unknowns and it's difficult to know how to prepare.
“What I would encourage everyone to do is if you're worried about the possible effects of tariffs, come down to the show now come talk to these, our businesses that are represented here,” said Beau Hedin, promoter for the Home Improvement Show. “Get on their schedules now because they already have the materials on hand before those tariffs might take effect.”
