Articles Tagged with ''tariff''

Home builders group: New tariffs on Chinese goods are a tax on housing

New tariffs are slated to affect materials related to housing construction
New tariffs against China could add $1 billion in costs to goods involved with housing construction. According to CNBC’s Realty Check, the NAHB estimates that of the 6,000 goods under the umbrella of the latest round of tariffs, roughly 600 products, representing $10 billion in goods, are related to the construction of new apartments and homes.
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Trump threatens additional $267 billion tariff on Chinese goods

Could further harm residential construction
On Friday, President Donald Trump announced plans to impose a $267 billion tariff on Chinese goods, further escalating an unprecedented trade war. The National Association of Home Builders Chairman Randy Noel said implementation of the tariffs could potentially disrupt an already struggling residential construction industry.
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FOMC minutes confirm September interest rate hike is highly likely

Unsure of policy toward major trade disputes
The Federal Reserve released its minutes Wednesday for its July 31 to August 1 meeting, where it unanimously voted to keep the federal funds target the same at 1.75% to 2%. Now, minutes from the meeting all but solidify the chances of a rate hike at the September meeting this year. But one dark cloud hung over the optimistic view of the economy.
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Homebuilder confidence remains steady in July

Rising cost of materials haunt homebuilders
Builder confidence in the market for newly built single-family homes remained unchanged at 68 points in July, according to the National Association of Home Builders/Wells Fargo Housing Market Index. Homebuilders are encouraged by the growing housing demand, but construction material costs still hinder optimism, according to NAHB Chief Economist Robert Dietz.
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Ryan rejects Trump’s looming trade war

Trade war could potentially make mortgage rates unaffordable for homebuyers
House Speaker Paul Ryan rejected President Trump’s recent trade policies, warning of the potential harm tariffs could have on the U.S economy, according to an article by Ana Edgerton for Bloomberg. Trump’s trade war has the potential to negatively impact the housing market because surging inflation could result in higher mortgage rates.
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FOMC minutes reveal Fed not concerned by growing global economic disruptions

Expects to continue raising rates in near future
The FOMC released the minutes from its June meeting Thursday, which showed that the Federal Reserve is not concerned about the rising threat of a trade war or other economic disruptions. While the Fed did mention some global economic challenges during its meaning, they were not the focus and did not seem to affect members’ predictions for the future of rate hikes.
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Consumer Confidence Survey reveals Americans fear tariffs

25% of American consumers worried about economic impact
The threat of international tariffs modestly reduced consumer confidence in June, according to a Consumer Confidence Survey conducted by The University of Michigan. Surveys of Consumers Chief Economist Richard Curtin explained that two-thirds of consumers believe more international trade is better for the domestic economy.
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CBC: Canadian lumber producers tell U.S. consumers 'You can take your tariffs back, eh!'

NAHB says U.S. tariffs on Canadian softwood add an average of $9,000 per house to U.S. home prices
According to an article from the Canadian Broadcasting Corporation, Canadian lumber companies are seeing record revenues despite heavy tariffs from the U.S. So, who’s getting the short end of the board foot? None other than U.S. consumers.
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