STOCK MARKET BSE NSE

US imposes second round of tariffs on Canadian lumber

The US Commerce Department announced preliminary findings from an anti-dumping probe that Canadian lumber was 7.72 to 4.59 percent below normal prices.

Published: 27th June 2017 10:05 AM  |   Last Updated: 27th June 2017 11:04 AM   |  A+A-

By AFP

OTTAWA: The United States slapped a new anti-dumping tax on Canadian softwood lumber Monday, the latest escalation in a trade dispute that began with an initial set of duties on exports from America's northern neighbor.

The US Commerce Department announced preliminary findings from an anti-dumping probe that Canadian lumber was 7.72 to 4.59 percent below normal prices.

US customs officers will now levy on Canadian timber exports these rates along with countervailing duties, bringing tax rates from 17.41 percent to 30.88 percent, depending on the business.

The US spared the provinces of Newfoundland and Labrador, Nova Scotia and Prince Edward Island from the additional taxes.

While US Secretary of Commerce Wilbur Ross said he was "optimistic that we will be able to reach a negotiated solution on softwood lumber," the measures were part of an effort to "stand up for American companies and their workers."

Canadian leaders said they were "deeply disappointed" by the latest US move in the trade spat, saying Canada "stands firmly behind the Canadian forestry industry."

"We will vigorously defend Canada's softwood lumber industry, including through litigation, and we expect to prevail as we have in the past," Canada's Foreign Minister Chrystia Freeland and Natural Resources Minister Jim Carr said in a joint statement.

Last year, imports of Canadian softwood lumber to the US were valued at an estimated $5.66 billion, according to the US Commerce Department.

Susan Yurkovich, who chairs the British Columbia Lumber Trade Council, denounced the tariffs as "without merit," saying they would also hurt US consumers looking to build or reconstruct.

And Jerry Dias, president of Canada's largest union Unifor, called the duties a "slap in the face to the concept of fair trade."

Stay up to date on all the latest World news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp