Yellen says Biden not considering Canadian lumber for tariff relief
By David Lawder
ROSEBUD, South Dakota (Reuters) – U.S. Treasury Secretary Janet Yellen mentioned on Tuesday that President Joe Biden isn’t anticipated to chop U.S. tariffs on Canadian lumber as a part of potential tariff aid he’s contemplating to battle inflation.
“To one of the best of my information, they don’t seem to be into account, no less than as a part of the issues that the president is presently ,” Yellen mentioned of the anti-subsidy duties of 11.64% on most Canadian lumber imports. She made the remarks to reporters throughout a go to to the Rosebud Sioux Tribe reservation in South Dakota.
On Monday in Toronto, Canadian Finance Minister Chrystia Freeland recommended to Yellen at a public discussion board that slicing the tariffs could be one technique to ease inflation and finish a long-running commerce dispute between the North American buying and selling companions. Lumber and constructing materials costs have soared over the previous yr, as demand for development surged because the COVID-19 pandemic eased.
Biden is contemplating scrapping tariffs on a variety of Chinese language items to curb inflation, however no resolution is probably going earlier than subsequent week’s Group of Seven summit, folks accustomed to the matter mentioned. The cuts are doubtlessly substantial, however the scale has not been determined, in line with the sources.
(Reporting by David Lawder; Modifying by Leslie Adler)
