On July 4, 2018, workers drop logs at the Murray Brothers Lumber Company in Madawaska, Ontario, Canada. (Reuters / Chris Watty)
Rosebud, South Dakota — US Treasury Secretary Janet Yellen said Tuesday that President Joe Biden will reduce US tariffs on Canadian timber as part of a potential tariff easing he is considering fighting inflation. He said he wasn’t expected.
“As far as I know, they are not being considered, at least as part of what the president is currently considering,” Yellen said of the 11.64% subsidy obligation for most Canadian timber imports. She told reporters when she visited the Rosebud Sioux settlement in South Dakota.
In Toronto on Monday, Canada’s Treasury Minister Chrystia Freeland told Jellen in a public forum that lowering tariffs is one way to ease inflation and end long-term trade disputes between North American trading partners. Proposed. Timber and building material prices have skyrocketed over the past year as construction demand surged as the COVID-19 pandemic eased.
Biden is considering eliminating tariffs on various Chinese products to curb inflation, but said the issue is unlikely to be decided until next week’s Group of Seven Summit. People familiar with said. The reductions are potentially significant, but sources say the scale has not been determined.