U.S. softwood lumber duties to cost 2,200 jobs, Conference Board of Canada says
MONTREAL — The Conference Board of Canada says U.S. softwood lumber duties will cut $700 million from Canadian exports over two years and result in the reduction of 2,200 jobs.
The board released a report Wednesday that says curtailed exports should lower the industry’s pre-tax profit to $1.1 billion in 2018, down from $1.8 billion last year and $1.4 billion this year, despite growing revenues.
The U.S. government recently imposed preliminary countervailing duties ranging between three and 24 per cent on Canadian softwood lumber exports.
Anti-dumping duties to be announced next month are expected to raise tariffs to about 30 per cent, half of which should be absorbed by Canadian producers.