Lumber futures tumbled toward $560 per thousand board feet, a seven-week low, as weakening demand, persistent oversupply, and trade-policy uncertainties converged. US tariffs are intensifying pressure on Canadian softwood, with existing antidumping and countervailing duties around 35%, plus new Section 232 levies of 10% on timber and 25% on wood products, lifting import costs above 45%. Weak demand compounds the decline, with US residential building permits at a seasonally adjusted 1.4 million units in July, the lowest since June 2020, and construction spending down 3.4% from May 2024. Housing starts remain near five-year lows, keeping retail price pass-through muted despite higher import costs. Export channels have narrowed, with Canadian softwood constrained by tariffs and hardwood exports to China dropping from 40% of volume in 2017 to 7% today. Temporary curtailments and mill closures are emerging, yet abundant inventories and sluggish construction sustain downward pressure. [END]