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Benzinga
  • 3/6/2025
Trump's administration raised tariffs on Canadian, Mexican, and Chinese imports, potentially increasing home construction costs. Tariffs now impact wood, cement, steel, and appliances, pushing construction costs by nearly 6% over the next year.
Transcript
00:00It's Benzinga bringing Wall Street to Main Street.
00:02Trump's administration raised tariffs on Canadian, Mexican and Chinese imports,
00:06potentially increasing home construction costs.
00:09Tariffs now impact wood, cement, steel and appliances,
00:12pushing construction costs by nearly 6% over the next year.
00:16This could add as much as $22,000 to new home prices.
00:20Home prices currently average over $420,000, straining affordability for first-time buyers.
00:25Canadian softwood lumber now faces nearly 40% of total tariffs.
00:29Estimates suggest building material costs could rise up 10% in 2025.
00:34For all things money, visit Benzinga.com.

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