Tariffs on Canadian lumber, Chinese gypsum, appliances, countertops, and more could make recovering from Florence more expensive for homeowners in the Carolinas.
The cost of wood is up more than 40 percent over last year, following a 20 percent tax on Canadian lumber that went into effect in November. The New York Times reported that tariffs — including those on $200 billion of Chinese imports that go into effect next week — could drive up construction costs as much as 20 to 30 percent.
“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, per the Times.
The increases could compound the normal rises in cost for construction supplies following a natural disaster. But tariffs on items ranging from appliances to mattresses could also affect consumers in storm-ravaged areas.
“People should expect to find it will be more expensive to rebuild and refurnish their houses,” said Jock O’Connell, a trade economist with California-based Beacon Economics told McClatchy. “Whenever there’s a natural disaster, there will be spikes in prices, as demand goes up. This time it will be exacerbated by the impacts of tariffs.”
