money.cnn.com/…
Who exactly was this supposed to benefit again?This is playing out exactly as anyone (except Donald Trump) would predict when you start targeting individual countries and industries to try and adjust perceived trade “imbalances”.
Home building and selling is one of the foundations of the American consumer economy. When it sputters, other industries start falling behind.
And the best part of the story? Our brilliant commerce secretary Wilbur Ross brushed aside this criticism saying housing prices are dictated by the value of land. Yeah maybe old, already built ones. Not brand newly built ones! This is who Trump put in charge of the Commerce Department.
Trump is like the anti-Midas. Everything he touches lately just turns to crap.
The tax is expected to hike the price of lumber used in home building by an average of 6%, according to the National Association of Home Builders, the trade group for the U.S. industry.
"For builders, it'll increase the cost of construction by about $3,000 on the average home, which unfortunately will be passed on to consumers," said Jerry Howard, CEO of the group.