President Trump said he plans to follow through tomorrow, February 1st on his threat to impose 25% tariffs on goods from Mexico and Canada. While most congressional Republicans are taking a “wait and see” approach, Sen. John Curtis (R-UT) warned Commerce Secretary nominee Howard Lutnick during his confirmation hearing on Thursday that tariffs are “disproportionately hard on small business.” And it is being reported that President Trump’s advisers are considering several “offramps” to avoid enacting the universal 25% tariffs on Mexico and Canada, but it remains a fluid situation and no one is sure what the President will do on Saturday. There is growing concern that if President Trump carries out his threat to impose tariffs on Canadian goods—including lumber—the U.S. residential and commercial construction industries could see markedly higher prices in days—which would be especially problematic for Southern California in the wake of the devastating wildfires.
