SEATTLE (Scrap Monster): Vernon-headquartered lumber major, Tolko Industries, expressed disappointment over the announcement by the U.S. Department of Commerce to levy hefty tariffs on lumber imported from Canada.
In a statement, the company said that it is highly disappointed by the ruling. However, it is proud that the provincial B.C. government as well as the federal government are continuing their fight for fair agreements between the neighbouring countries. Tolko will pay close attention to the entire process and lend full support wherever it can, the statement noted.
Meantime, the B.C. Trade Council too expressed disappointment on the announcement of doubling of duties. The Council president Susan Yurkovich said that the high duties are a threat to post-pandemic recovery on both sides of the border. Specifically, it turns out to be hurting for B.C. workers and businesses.
The duty on softwood lumber for most Canadian producers has been hiked to 17.9%, which is almost double the earlier rate of 8.99%, although it is slightly lower than the originally proposed 18.32%.
The higher rates are not only feared to impact Canadian businesses, but also lead to escalated costs of housing and renovations for U.S. consumers.