Latest tariffs could affect price of home renovation

CNBC’s Diana Olick takes a look at how President Trump’s new tariffs on Chinese goods are adding $2.5 billion in added costs to the home remodeling industry.

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Global tariffs mean local headache. Remodeling costs are about to go up thanks to the new tariffs on Chinese imports. With the new tariff plan, goods imported from China will be taxed at 10%, but could go up to 25% by the end of the year according to the National Association of Homebuilders.

The latest round of tariffs imposed by the Trump administration could come as soon as this week. The retail industry might not feel the full impact of these measures until 2019, but additional fees on goods from China will undoubtedly affect US trade, especially if China follows through with threats of retaliating tariffs.

The planned tariffs would tack on 25% to the cost of steel, used in home foundations, floors, and high-rise construction, and 10% for aluminum from foreign suppliers.

Home renovations are getting more expensive because the materials that go into a home remodel are often imported from China and thus subject to new tariffs. In a recent video , The wall street journal took a look at the effects of these tariffs on business owners in the home remodeling industry.

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You are at: Home Business Lumber tariffs could affect local construction projects Workers continue to place wooden beams in place during the renovation of the kyle library thrift store near the city’s water tower in 2013.

The latest tranche of China tariffs could cost $200 million more next year on top of 2018’s price increases, the company said. We can’t suddenly call off the dogs. This is going to affect us for.

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a central campaign pledge of President Trump’s and what could be a big victory for the country.” During Thursday’s press call, Mick Mulvaney assured reporters that the new tariffs would not affect the.

Home / Nation & World / How Trump’s tariffs could affect the economy A worker loads steel products onto a vehicle March 2 at a steel market in Fuyang in central China’s Anhui province.

According to CNBC, the tariff could hit nearly $10 billion worth of Chinese products. It will start at 10% but could increase to 25% by the end of the year, resulting in a $2.5 billion tax.