China Retaliates; Tariffs On Hardwoods Increase


China immediately announced that it will raise tariffs on U.S. goods worth $60 billion, effective June 1. Tariffs on lumber, logs, and veneer will increase, varying by species. The U.S. exported $1.314 billion in hardwood lumber, $533 million in hardwood logs, and $6 million in hardwood veneer to China in 2018.