A long-running North American trade battle is intensifying following a Commerce Dept. finding that Canada has been subsidizing softwood lumber sales to the U.S. and will be hit with tariffs of up to 24% on those shipments.
Commerce Secretary Wilbur Ross said the U.S. will collect cash deposits from Canada starting April 25, totaling about $1 billion a year. It also will charge retroactive payments going back 90 days, amounting to an additional $250 million, he estimated. Softwood lumber is used in constructing single-family homes.