(CLO) US President Donald Trump on Saturday ordered a new trade investigation that could lead to higher tariffs on imported timber.
It is the third time in a week that Mr Trump has initiated tariff investigations, increasing duties on Canadian softwood lumber, in addition to a 25% tariff on all goods from Canada and Mexico scheduled to take effect next week.
In the memorandum, Mr. Trump asked US Commerce Secretary Howard Lutnick to conduct a national security investigation into lumber imports under Section 232 of the Trade Expansion Act of 1962. This trade law has also been used by Mr. Trump to impose tariffs on global steel and aluminum imports.
US President Donald Trump. Photo: GI
The investigation covers lumber derivatives, which could include furniture like kitchen cabinets, some of which were made from previously exported U.S. lumber. The Commerce Department must complete its investigation within 270 days, according to the president’s order.
In addition, Mr. Trump also requested new measures within 90 days to increase domestic timber supplies by simplifying the permitting process for logging from public forests and boosting the recovery of fallen timber from forests and streams.
White House trade adviser Peter Navarro said the lumber import tax investigation was aimed at major exporters such as Canada, Germany and Brazil, which are accused of "dumping lumber into the U.S. market, harming both our economy and our national security."
A White House official said the United States’ growing dependence on imported lumber poses a national security risk because the U.S. military consumes large amounts of wood in construction activities. Moreover, relying on imports when the U.S. has abundant domestic supplies is seen as a risk to the U.S. economy.
The new tariffs on lumber will be in addition to the 25 percent tariffs Trump has threatened to impose on all goods from Canada and Mexico, which are set to take effect next Tuesday. Trump has said he is willing to delay them if the two countries do enough to control their borders and stop the flow of fentanyl into the United States.
The latest investigation into imported lumber comes just days after Mr Trump ordered a Section 232 investigation into copper imports on Tuesday, aimed at rebuilding US production of the metal, which is vital to electric vehicles, military equipment and the power grid.
Earlier, on February 21, Mr. Trump also asked US Trade Representative Jamieson Greer to restore an investigation to impose taxes on countries that tax digital services on US technology companies, with Canada, France, the UK, Italy, Spain, Austria, India and Turkey on the list of possible sanctions.
Cao Phong (according to CNN, Reuters)
Source: https://www.congluan.vn/tong-thong-trump-ra-lenh-dieu-tra-moi-ve-thue-nhap-khau-go-vao-my-post336763.html
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