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The latest round of tariffs imposed by the Trump administration could come as soon as this week. The retail industry might not feel the full impact of these measures until 2019, but additional fees on goods from China will undoubtedly affect US trade, especially if China follows through with threats of retaliating tariffs.
According to the National Association of Home Builders, this new round of tariffs will include around $10 billion worth of Chinese products that are exclusive to the homebuilding and remodeling sector. The tariff will start at 10 percent, but could rise to as much as 25 percent by the end of the year. This would amount to a $2.5 billion tax increase on the home building and remodeling industry alone. The tax would also cause construction material price increases, which will be tacked onto.
Do These Home Renovations This Year Before Tariffs Go Up. If you’ve got a new kitchen or bathroom in mind, don’t wait. The new tariffs aimed at Chinese imports will raise the prices for tile used in bathrooms and kitchen backsplashes, cabinets, wallboards and floorboards, light fixtures, and heating and cooling equipment.
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Basham expects the increased tariffs could affect 20% of home renovation inventory.
According to CNBC, the tariff could hit nearly $10 billion worth of Chinese products. It will start at 10% but could increase to 25% by the end of the year, resulting in a $2.5 billion tax.
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The new tariffs, which increased from 10 percent to 25 percent earlier this month, will affect more than 0 billion worth of Chinese exports. Many industries are affected – including wood.
The planned tariffs would tack on 25% to the cost of steel, used in home foundations, floors, and high-rise construction, and 10% for aluminum from foreign suppliers.
Home / Nation & World / How Trump’s tariffs could affect the economy A worker loads steel products onto a vehicle march 2 at a steel market in Fuyang in central China’s Anhui province.
The section 301 tariffs. could possibly be used to cover a counter,” Bivens Collinson said. When Section 301 tariffs were at 10%, the National Association of Home Builders estimated that the.
Tim Ellis, president of T.W. Ellis, LLC in Forest Hill, Maryland, a remodeling firm that specializes in kitchens and home additions, estimates that the latest round of tariffs – along with the.