U.S. Treasury Secretary Scott Bessent, in a wide-ranging interview on Mornings with Maria, weighs in on President Donald Trumps assembly with Vladimir Putin, updates U.S.-China commerce talks and housing affordability disaster options.
Treasury Secretary Scott Bessent on Monday mentioned that the Trump administration is mulling the declaration of a nationwide housing emergency in an effort to handle excessive housing costs and restricted stock.
“We might declare a nationwide housing emergency within the fall,” Bessent informed the Washington Examiner in a Labor Day interview.
Bessent reiterated that rate of interest cuts by the Federal Reserve can be useful for bringing housing costs decrease, but in addition acknowledged within the interview that the Trump administration may take different steps aimed toward increasing the provision of housing in addition to assuaging sure prices.
Treasury Secretary Scott Bessent mentioned the Trump administration is contemplating methods to make use of a nationwide housing emergency to spice up provide and scale back costs. (Fox Information Channel / Fox Information)
“We’re attempting to determine what we are able to do, and we do not need to step into the enterprise of states, counties and municipal governments,” Bessent mentioned. “I feel all the pieces is on the desk.”
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Bessent opted in opposition to itemizing the chief actions that President Donald Trump may take if the White Home declares a nationwide housing emergency, however informed the Examiner that officers are evaluating methods to standardize native constructing and zoning codes in addition to lower closing prices.
A house on the market in Cupertino, California, US, on Wednesday, Feb. 7, 2024. (Photographer: Loren Elliott/Bloomberg through Getty Photos / Getty Photos)
The treasury secretary additionally informed the outlet that the Trump administration might contemplate some tariff exemptions for sure building supplies to cut back prices.
Lumber prices have been significantly unstable this yr amid the Trump administration’s implementation of tariff insurance policies, significantly given U.S. imports of Canadian lumber.
FIGHT OVER LUMBER TARIFFS COULD RESHAPE FUTURE OF US HOME BUILDING
Bessent mentioned the Trump administration may contemplate tariff exemptions for building supplies. (Angus Mordant/Bloomberg through Getty Photos / Getty Photos)
The Nationwide Affiliation of Dwelling Builders (NAHB) reported that as of the week ending Aug. 22, the composite value of framing lumber was up 5.8% year-over-year, whereas lumber futures have been 19.1% increased than a yr in the past regardless of latest declines.
The Commerce Division in July introduced that it might greater than double countervailing duties on Canadian softwood lumber imports from 6.74% to 14.63%. Canadian lumber can also be topic to an anti-dumping tariff of 20.6%, which brings the overall price utilized to Canadian lumber to 35.2%, up from 14.4%, the NAHB famous.
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Different building supplies which are delicate to tariffs are gypsum, which is utilized in drywall and is essentially imported from Mexico.
