Tariff costs are mounting for construction companies, and there’s no sign of much relief in the new year. Tariff collections totaled over $5 billion in October, according to data from the U.S. Treasury Dept. and the U.S. Census Bureau. The amount being paid has doubled since May as tariffs were applied to a growing group of countries, and exemptions expired for projects that began before the new levies were imposed.
Between August and October, tariffs rose 30%, with October the first full month in which the penalties were placed on $250 billion worth of Chinese imports.