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Tag: construction

  • Lumber, construction material prices could rise due to tariffs

    Lumber, construction material prices could rise due to tariffs

    The Big Money Show panelists discuss the fentanyl crisis and President Donald Trumps tariff plans as China vows to retaliate.

    President Donald Trump’s plan to impose a 25% tariff on goods from Canada and Mexico triggered warnings from several trade groups that such a move would drive up the cost of housing, given that a significant amount of key building materials are sourced from our neighboring nations.

    Although the president agreed to hit pause on those tariffs for a month after both countries offered concessions to help secure the U.S. boarder, the threat of a surge in prices is looming over several industries.

    Home builders and materials suppliers are warning that tariffs on goods from Canada, China and Mexico will drive up construction costs and worsen the housing affordability crisis. (Photographer: Jordan Vonderhaar/Bloomberg via Getty Images / Getty Images)

    Following Trump signing the executive order, the National Home Builders Association urged the president to reconsider, with NHBA Chairman Carl Harris noting that “More than 70% of the imports of two essential materials that home builders rely on — softwood lumber and gypsum (used for drywall) — come from Canada and Mexico, respectively.”

    Days later, the trade group warned lumber costs would spike by 40% – even higher than the 25%, – if the tariff on softwood lumber products from Canada is imposed, because the tariffs would be on top of an effective 14.5 duty rate already in place.

    HOME AFFORDABILITY CRISIS TAKING A TOLL ON AMERICA’S YOUNG ADULTS

    CFRA Analyst Ana Garcia wrote in a note this week that U.S. logging has declined in recent years, and if the tariffs on Canada go through, American logging might not be able to fill the gap.

    Home Depot Store

    A major of softwood lumber used in the U.S. is imported from Canada ((Photo by Justin Sullivan/Getty Images) / Getty Images)

    “Rising framing lumber costs, should tariffs roll out on March 4, 2025, will likely reduce housing starts, worsen affordability challenges for buyers, and increase margin headwinds for homebuilders,” Garcia wrote.

    HOW EXTREME WEATHER, HIGH HOME PRICES COULD AFFECT THE 2025 HOUSING MARKET

    National Lumber and Building Material Dealers Association President and CEO Jonathan Paine warned Wednesday that going through with the planned tariffs on Canada and Mexico would “would be potentially devastating to the American economy and the housing market.”

    “The United States already has an affordable housing crisis and we as a nation must be focused on advocating for measures that reduce construction costs and eliminate regulatory barriers, not policy that discourages or creates new challenges for developing affordable housing,” he said in a statement.

    Ontario Premier Doug Ford says he hopes ‘calmer heads prevail’ in the tariff debate on ‘The Claman Countdown.’

    Meanwhile, the construction industry is also concerned about the additional 10% tariff Trump place on imports from China this week.

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    Jim Tobin, CEO of NAHB says that despite the 11th hour reprieve on the tariffs with the 30-day delay, there is still a lot of uncertainty, and warns China, Mexico, and Canada are three of the largest construction suppliers to the U.S.

    “There is not a room in your home that doesn’t have something from one of those three countries, including doorknobs, light fixtures, framing lumber, and sheathing,” Tobin told FOX Business.

  • Serbia rocked by anti-corruption protests after construction tragedy

    Serbia rocked by anti-corruption protests after construction tragedy

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    Mass protests have rocked Serbia for months as protesters demand justice and accountability after the deaths of 15 people in the collapse of a railway station.

    Tens of thousands of college students have been marching for nearly three months demanding those responsible for the calamity be held accountable and prosecuted accordingly. The canopy at the railway station collapsed Nov. 1 after renovations led by two Chinese companies. 

    A general strike was called last week, with many calling off work as people blocked major streets in Belgrade and occupied university campuses in solidarity with the young protesters. 

    “I’ve worked in the Balkans for 30 years, and I’ve never seen anything like this,” Tanya Domi, professor at Columbia University’s Harriman Institute, told Fox News Digital.

    KOSOVO ACCUSES SERBIA OF ‘TERRORIST ATTACK’ RESEMBLING RUSSIAN ACTIONS IN UKRAINE

    Students walk toward the northern city of Novi Sad, near the Belgrade suburb of Batajnica, Serbia, Thursday, Jan. 30, 2025, where they will participate in a 24-hour blockade of three bridges to protest the deaths of 15 people killed in the November collapse of a train station canopy. (AP Photo/Darko Vojinovic)

    With protests showing no signs of dissipating, Serbian Prime Minister Milos Vucevic announced his resignation, and the mayor of Novi Sad, the city where the tragedy occurred, also stepped down.

    “The protests already took down two scalps, and I think more are to come,” Domi said.

    The prime minister’s resignation made him the highest regime official to step down, but it hasn’t quelled the uprising. Mass protests continued to break out in Belgrade and across the country.

    “The resignation of the prime minister is simply not enough,” Helena Ivanov, senior fellow at the Henry Jackson Institute, told Fox News Digital. 

    Ivanov said the student-led protesters have clearly defined objectives, including full transparency about the process that led to the collapse and holding those responsible accountable for the loss of life.

    The government has thus far been unclear and tried to evade scrutiny by downplaying the government’s culpability. At first, the government tried to ignore the protests, then began to use force and accused the protests of being infiltrated by foreign agitators. Some observers complain the Vucic government’s failure to act and provide clear answers to the public is endemic of Serbia’s core institutional corruption.

    ZELENSKYY WARNS RUSSIA WANTS TO CAUSE ‘EXPLOSION’ IN THE BALKANS

    “For protesters, the Novi Sad railway station canopy collapse cannot be treated as an incident and isolated event, but rather a symptom of more widespread negligence and systemic corruption that precipitated into this tragedy,” Sinisa Vukovic, director of the global policy program at Johns Hopkins University, told Fox News Digital.

    The unprecedented resignation of the prime minister leaves the government in flux. The country will either see a new prime minister and government formed within 30 days or face snap elections. However, Serbian President Aleksandar Vucic addressed the nation and said he will decide in the next 10 days whether Serbia faces a snap election.

    Montenegro's President Jakov Milatovic

    Montenegro President Jakov Milatovic, left, shakes hands with his Serbian counterpart Aleksandar Vucic at the Serbia Palace in Belgrade, Serbia, July 10, 2023. (AP Photo/Darko Vojinovic)

    “This is a legitimate challenge to Vucic’s rule and the biggest challenge the president and his party have faced in the 13 years of their rule,” Ivanov added. 

    Serbia’s Foreign Minister, Marko Djuric, told Fox News Digital Serbia’s commitment to stability, reform and continued growth remains unchanged. The foreign minister said, “We are listening, we are learning and we are determined to ensure that Serbia moves forward on its path of economic and democratic development.”

    The protests are the most difficult to deal with from the perspective of the government and the president, Ivanov noted. The students have distanced themselves from the opposition party, which does not have broad support from the public and is generally considered weak and ineffective. 

    SERBIA, CAUGHT BETWEEN EUROPE AND RUSSIA, COULD MOVE ONE STEP CLOSER TO NORMALIZING RELATIONS WITH KOSOVO

    Students across the country are saying this is their fight, not the unpopular political opposition, leading to a greater show of force among the population. 

    “After 13 years of one individual dominating Serbian politics and 13 years of very important governmental institutions failing to do their job, the key message of these protests is that we expect these institutions to do their job well,” Ivanov said.

    Security forces began suppressing the protests, which further exacerbated tensions and motivated more people to join the protests.

    Serbia-Government

    Serbian Prime Minister Milos Vucevic resigned Tuesday amid growing protests that swept the nation over the collapse of a train canopy that killed 15 people.   (AP Photo/Darko Vojinovic)

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    Ivana Stradner, research fellow at the Foundation for the Defense of Democracies, told Fox News Digital the Trump administration should not fall for Serbian President Vucic’s usual tricks of trying to balance between the U.S. and its adversaries. 

    “Vucic has allowed China’s weapons and investments to thrive in Serbia. Serbia’s close ties to Iran and Russia are also undermining America’s interests. His domestic propaganda portrays the U.S. as an enemy. With friends like Vucic, Washington does not need enemies,” Stradner warned.