Biden not looking at cutting Canadian lumber tariffs to curb inflation: U.S. treasury head – National

U.S. Treasury Secretary Janet Yellen said Tuesday that President Joe Biden is not expected to reduce U.S. tariffs on Canadian lumber as part of potential tariff relief he is considering to fight inflation.

“To the best of my knowledge, they’re not being considered, at least as part of the things the president is looking at right now,” Yellen said of the 11.64% anti-subsidy duty on most imports. of Canadian lumber.

She made the remarks to reporters during a visit to the Rosebud Sioux Tribe reservation in South Dakota.

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Canada to challenge US softwood lumber tariff hike: Trade Minister

In Toronto on Monday, Canadian Finance Minister Chrystia Freeland suggested to Yellen at a public forum that cutting tariffs would be a way to reduce inflation and end a long-running trade dispute between the partners. North American business.

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Prices for lumber and building materials have soared over the past year as construction demand surged as the COVID-19 pandemic subsided.

Biden is considering scrapping tariffs on a range of Chinese goods to curb inflation, but no decision is likely before next week’s Group of Seven summit, people familiar with the matter said.

The cuts are potentially substantial, but the extent has not been decided, the sources say.

(Reporting by David Lawder; Editing by Leslie Adler)

Click to play the video: “Canada can supply minerals, metals and energy globally instead of Russia and China: Freeland”

Canada can supply minerals, metals and energy instead of Russia and China: Freeland

Canada can supply minerals, metals and energy instead of Russia and China: Freeland

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