NEWS

Last year, Vietnam exported more than $9 billion of wood products to the U.S., about 40% of all U.S. wood products imports. Wood products are a top contributor to Vietnam's trade surplus. In contrast, Vietnam imports only about $323 million of U.S. timber each year, $300 million of which is in raw materials like oak and ash. These are processed into finished goods and re-exported, often back to the U.S.

The U.S. Department of Agriculture directed the U.S. Forest Service to increase timber outputs, simplify permitting processes, remove National Environmental Policy Act processes, reduce implementation and contracting burdens, and to work directly with state and local government and forest product manufacturers to ensure that the Forest Service delivers a reliable and consistent supply of timber.

PHOTO © USFS STACY BLOMQUIST

On April 11, China matched the U.S.'s increased tariff with a 125% rate on U.S. products, including hardwoods. This applies to goods shipped after April 10 that arrive in China after May 13. Per the Chinese government, "at the current tariff level, there is no market acceptance for U.S. goods exported to China."

On April 9, President Trump signed a memorandum directing agencies to prioritize the repeal of regulations believed to be unlawful under ten recent U.S. Supreme Court cases "without notice and comment." The expected result is that many regulations are likely to be repealed quickly.

On April 9, President Trump signed an executive order that increased the reciprocal tariff on Chinese products to 125% and substantially increased entry fees on low-value shipments from China. The order paused high reciprocal tariffs on many other countries, leaving those countries with a 10% tariff rate through July 9. Goods from Canada and Mexico covered under the 2020 U.S.-Mexico-Canada free trade agreement are exempt from tariffs.