U.S. and Canadian officials have signed a final agreement that seeks to end a lengthy trade dispute over softwood lumber. But some steps remain before the pact would take effect, including approval by Canada's Parliament of implementing legislation and U.S. action to pay Canada 80% of the more than $5 billion in duties it has collected since 2002.
The agreement, signed Sept. 12 in Ottawa by U.S. Trade Representative Susan C. Schwab and Canadian Minister of Foreign Affairs and International Trade David L. Emerson, would lift quotas on Canadian lumber shipments to the U.S. when market prices exceed $355 per thousand board feet (MBF).