Kevin Mason
The US tariff regime is far from over despite a US Supreme Court ruling striking down last year’s tariffs authorized by President Trump under the International Emergency Economic Powers Act (IEEPA). Although the court noted in its ruling that the president overstepped his authority in applying reciprocal tariffs on virtually all trading partners, it did leave the door open for other means of tariff application—and the US Administration has wasted no time in charging through that door, turning to Section 122 of the Trade Act of 1974 to impose new global tariffs of 10% (likely moving to 15%). Tariffs under Section 122 expire after 150 days without congressional approval, but we assume other options will be put in place before expiry (Section 232, 301 or some other creative mechanism).
With respect to the forest products industry, cessation of IEEPA tariffs and application of these new Section 122 tariffs have no impact on existing lumber duties (35% remains intact), nor for any existing tariffs under Section 232 (at 10%) or goods currently compliant under USMCA (such goods remain tariff-free under Section 122). Although USMCA-compliant goods are safe from tariffs for now, with that trade deal being reviewed this summer the tariff-free flow of goods among the US, Mexico and Canada could be upended. Since almost all newsprint supply comes from Canada (see page 19), that fear is ostensibly already causing U.S. buyers to accelerate purchases. Our table details what we know at the moment about the new tariff regime (Section 122 at 10% but probably moving to 15%). Brazil and China appear to be winners in these latest moves, but, with other mechanisms available to Trump, we don’t think these recent tariff reductions are going to lead to any dramatic increase in imports from these countries (uncertainty seems to be part of the goal under Trump’s methods).
Richard Eaton, senior judge on the US Court of International Trade, has extended the US administration’s deadline for refunding about US$166 billion in tariffs. Eaton had orginally ordered US Customs and Border Protection to begin the refunding process at the start of the month after the US Supreme Court struck down global tariffs set by president Trump. …The administration has been inundated with lawsuits from companies like Costco, FedEx, and Pandora Jewelry – all looking to get their money back since Eaton’s order meant that everyone who had paid tariffs was entitled to a refund. Barnes, Richardson & Colburn partner 
After the President’s defeat in the Supreme Court, more tariffs, with different legal foundations, are underway. …Here is a primer: …Under 
Fiber and glass are among the packaging substrates hardest hit by February closure and layoff announcements. Here are the North American facilities that have announced downsizing efforts:
The escalating crisis in the Middle East could extend transport times for Finnish forest industry products to Asia by several weeks. At the same time, freight costs may rise, and container availability could become increasingly uncertain. Iran has announced the closure of the Strait of Hormuz. According to international reporting, several major shipping lines have also paused or reduced traffic through the Suez Canal, redirecting vessels around Africa via the Cape of Good Hope on routes to Asia. The Strait of Hormuz is a critical artery for global oil trade, and disruptions there primarily push up energy prices. For Finland’s forest industry, however, access through the Suez Canal is more directly decisive. Approximately 20 percent of the forest industry’s exports go to Asia, and the majority of those shipments pass through the Suez Canal, says Maarit Lindström, Director and Chief Economist at Metsäteollisuus ry. 
Portland based Hampton Lumber, one of the nation’s largest lumber manufacturers, confirmed on Thursday that it has parted ways with CEO Randy Schillinger. Steve Zika, vice chair of the Hampton board and its chief executive for 20 years before Schillinger was named to the position in June 2023 has served in an interim capacity since early December, the company said in an emailed statement. [A Portland Business Journal subscription is required to access this full story]
NEOPIT, Wisconsin — A Neopit wood mill is closed Tuesday after it experienced an early morning fire. Menominee Tribal Enterprises says it lost its stacker building and associated equipment. Some lumber inventory was damaged in the fire as well. All employees are safe and no injuries were reported. Production operations are closed for the day as the organization assesses the damage and begins determining the next steps for recovery and continuity of operations. The Menominee Tribal Enterprises store and main office remain open and are operating during regular business hours.
VANCOUVER, BC – Canfor Pulp Products announced that at the special meeting of the holders of common shares in the capital of the Company held earlier, the Shareholders voted in favour of approving the special resolution authorizing the previously announced arrangement whereby Canfor Corporation will acquire all of the issued and outstanding Common Shares that it and its affiliates do not already own by way of a statutory plan of arrangement. …The Arrangement was approved by 96.02% of the Shareholders and 84.42% of the Shareholders excluding any votes of the Purchaser and its affiliates and any other Shareholders whose votes were required to be excluded. …Assuming that all remaining approvals are obtained and all other remaining conditions precedent to the completion of the Arrangement are satisfied or waived, the Company anticipates that the Arrangement will be completed on or about March 17, 2026.
US applications for unemployment benefits inched down modestly last week as layoffs remain at historically healthy levels despite a weakening job market. The number of Americans filing for jobless aid for the week ending March 7 fell by 1,000 to 213,000 the previous week, the Labor Department reported Thursday. Analysts surveyed by the data firm FactSet forecast 215,000 new benefit applications. Filings for unemployment benefits are viewed as a proxy for U.S. layoffs and are close to a real-time indicator of the health of the job market. While weekly layoffs have remained in a historically low range mostly between 200,000 and 250,000 for the past few years, a number of high-profile companies have announced job cuts recently, including Morgan Stanley,Block, UPSand Amazon in recent weeks. …For now, the U.S. job market appears stuck in what economists call a “low-hire, low-fire” state that has kept the unemployment rate historically low, but has left those out of work struggling to find a new job.
Unfortunately for retailers in the home sector, 2026 will likely look an awful lot like 2025. …While the pandemic offered a temporary financial boost, broad economic uncertainty caused many consumers to pull back on discretionary spending, leading to a decline in the high-ticket purchases. …The category has consistently seen year-over-year sales declines, according to the US Department of Commerce. …As was the case over the past few years, the weak housing market — driven by a lack of inventory and elevated interest rates — poses one of the biggest threats to the home sector this year. “The housing market is just stuck in neutral,” Zak Stambor said. “By and large, just few people are moving, and the lack of housing turnover means there’s a smaller-than-normal market for home goods.” “It’s the uncertainty that’s really driving the hesitation on the consumer side — where they should go, when they should buy, what they should buy in this market.”
NEW YORK — Stocks fell and oil prices traded above $100 per barrel Monday as investors grappled with a potential energy crisis caused by the war with Iran. …Stocks have been jolted by nerves about the Middle East conflict disrupting the global flow of oil and reigniting inflation at a time when the US labor market appears to be on shaky ground. Oil prices Monday surged to their highest level since mid-2022 when markets were rocked by Russia’s invasion of Ukraine. US crude oil surged 11%, to $101 per barrel. Brent crude, the international benchmark, was also up 11%, to $103 per barrel. …The war with Iran has effectively halted the flow of oil through the Strait of Hormuz, the narrow waterway off Iran’s coast through which 20% of global oil consumption flows. …Wall Street’s fear gauge, the VIX, jumped 5% and hit its highest level since April, when markets were rocked by uncertainty about tariffs. 
A recent 
WASHINGTON — American employers unexpectedly cut 92,000 jobs last month, a sign that the labor market remains under strain. The unemployment rate blipped up to 4.4%. The 
Mortgage rates continued to decline in February, dipping below 6% in the last week of February. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.05% last month, 5 basis points (bps) lower than January. Meanwhile, the average 15-year rate declined only a basis point to 5.43%. Compared to a year ago, the 30-year and 15-year rates are lower by 79 bps and 60 bps, respectively. The 10-year Treasury yield, a key benchmark for long-term borrowing, held relatively steady for most of February with an average 4.18% – a marginal decrease of 2 bps from the previous month. However, yields fell significantly in the final week of February. …Following the recent escalation of conflict in the Middle East, the 10-year Treasury yield has shown signs of reversing course. Investors are closely monitoring how protracted the conflict may become and its potential implications for global energy markets. If oil prices rise significantly, inflation pressures could intensify, potentially pushing Treasury yields higher.
If enacted, the new legislation would aim to streamline tariff exclusions for goods used in home construction, help stabilize material pricing, and support efforts to expand housing supply nationwide U.S. Sens. Jacky Rosen (D‑NV) and Chris Coons (D‑DE) have introduced legislation aimed at easing construction costs and addressing America’s housing affordability crisis by excluding key homebuilding materials from tariffs imposed under the Trump administration. The Housing Tariff Exclusion Act would create a process to automatically exempt many building materials from current and future tariffs and allow importers to apply for exemptions on other essential construction inputs. The bill comes amid ongoing concerns that tariffs on imported materials such as lumber, steel, and other construction inputs have driven up costs for builders, contributing to higher home prices and exacerbating supply shortages. …The bill has garnered support from industry groups including the NAHB.
US equities tumbled on Tuesday, undoing a Monday equity comeback, as oil prices spiked again and traders began to worry the U.S.-Iran conflict could drag on longer than anticipated. The Dow Jones Industrial Average lost 1,238 points, or 2.5%. If that holds, it would mark the blue-chip index’s first 1,000-point decline since April 10, 2025. The S&P 500 slipped 2.2%, while the Nasdaq Composite was down 2.3%. Brent crude oil, the international benchmark, topped $84 a barrel, up 8% Tuesday following a 6% spike Monday. WTI crude jumped 8% to above $77 a barrel after a 6% jump as well on Monday. Iranian Revolutionary Guard commander said the Strait of Hormuz — the world’s most vital transit route for crude oil — is closed and that Iran would set ablaze ships attempting the route, Reuters reported, citing Iranian media.
Real estate professionals active in the Los Angeles market are bracing themselves for another wave of tariff-induced uncertainty following the US Supreme Court’s ruling. …Despite the Feb. 20 ruling, President Donald Trump has been adamant that he will find other avenues to impose his tariffs. Trump’s tariff policies have already caused upheaval for local businesses, and now the country’s heightened situation with tariffs will further disrupt L.A.’s real estate market, according to experts across development, manufacturing and finance. “This is a very shifting landscape for American companies,” said Ken Calligar, founder of RSG 3•D. …Garret Weyand, at Cedar Street Partners, said, “If costs are too high because of these tariffs, then projects don’t get built.” Banks will likely make borrowers increase the amount of equity so that the bank is covered in the event tariffs and inflation raise project costs.
The mass timber supply chain has spent more than a decade proving the product works. …Now, research produced by Michigan State University argues that none of it matters much if the system surrounding the product isn’t built to match. Led by George Berghorn, Modular Mass Timber for Housing Construction, research published in the 
ANCHORAGE, Alaska – A federal judge has dismissed a lawsuit brought by timber industry groups and operators seeking to force increased old-growth logging in the Tongass National Forest, ruling the industry groups had no valid legal claim. U.S. District Judge Sharon L. Gleason granted the U.S. Department of Agriculture and U.S. Forest Service’s motion to dismiss and directed the clerk to enter final judgment for the federal defendants. “This ruling is a big victory for the Tongass’ old-growth forests. I’m relieved the court squarely rejected the logging industry’s rash attempt to force large-scale logging,” said Marlee Goska, Alaska attorney at the Center for Biological Diversity in a statement. “We need to leave the Tongass standing for the sake of wildlife, climate and local communities.” The case centered on how the Forest Service manages timber sales in the Tongass, the nation’s largest national forest and the world’s largest temperate old-growth rainforest.
Four Montana-based Conservation Groups — Alliance for the Wild Rockies, Gallatin Wildlife Association, Native Ecosystems Council, and Council on Fish & Wildlife — sued the U.S. Fish & Wildlife Service and U.S. Forest Service for removing wildlife protections on 1.1 million acres of the Beaverhead-Deerlodge National Forest in Montana. The federal government agencies issued a “Forest Plan Amendment” in 2025 to remove protections on 1.1 million acres of habitat that was formerly mapped and protected as “lynx habitat” for the Canada lynx, a threatened species listed under the Endangered Species Act. …The lynx population in the Greater Yellowstone Area is currently at risk of extinction, but if managed properly, the Beaverhead-Deerlodge National Forest could aid the recovery of the imperiled Greater Yellowstone lynx population by serving as a connectivity corridor with the healthier lynx populations in Northern Montana. 
ELOCHOMAN RIVER VALLEY, Washington — Investment companies have whittled away the land hunters can use in Wahkiakum and Pacific counties. Access to tens of thousands of acres of longtime hunting grounds is now blocked because a new generation of private landowners won’t offer access. The landowners are often investment companies, not based in the region or even the country. Not only is hunting off limits on their lands, they also often block access to adjacent properties that are state-owned — and therefore should be public — or adjacent privately owned property that still allows free hunting. Steve Ogden, an assistant manager for land operations at Washington Department of Natural Resources, said the agency’s hands are tied — private landowners can’t be forced to allow people on their land. The companies’ land restrictions have begun to erase generations-old family traditions, especially among the working class, and reduce access to affordable foods, like elk, in Washington’s second-poorest county.
The Bureau of Land Management sold 27.6 million board feet of timber across 1,255 public acres in Oregon, for a total of $8,327,275, and indicates a strong demand in American lumber manufacturing by exceeding total appraised values by over $3 million. This timber will feed local mills and support jobs in local communities. The Coos Bay District sold the Eckley Empanada timber tract (1.8 million board feet, 105 public acres) to Harveys’ Selective Logging, Inc., of Creswell, Ore., for $$142,228. The Medford District sold the Thom Bone timber tract (6 million board feet, 585 public acres) to Estremado Logging Inc. of Gold Hill, Ore., for $458,766. The Northwest Oregon District sold the Gopher Broke timber tract (7 million board feet, 223 public acres) to Boise Cascade Wood Products of Willamina, Ore., for $2,499,716; and the John Boy timber tract (8 million board feet, 167 public acres) to Rosboro Company, LLC, of Springfield, Ore., for $3,913,070.
In western Oregon, public forests that once fueled rural prosperity – and later came under strict habitat protections that sharply reduced logging and local revenues – are again at the center of a political and economic storm. The Trump administration is proposing to quadruple logging in Oregon, raising timber harvests to levels not seen since before spotted owl protections in the 1990s. The plan has stirred a mix of hope and dread across the state. In cash-hungry rural counties hollowed out by decades of dwindling timber receipts … the proposal looks like a long‑awaited lifeline that could stabilize county budgets and create new jobs. … But in forested watersheds and old growth reserves, a sweeping expansion of logging would undermine hard-won conservation protections and threaten the recovery of the northern spotted owls, marbled murrelets and coho salmon…
As retired Forest Service leaders who had the privilege of managing millions of acres of national forests across the West, we understand the importance of stewarding these lands for the benefit of local communities and the nation. Full repeal of the Roadless Area Conservation Rule would undermine trust in agency managers, hinder collaborative agreements, adversely affect resources the public cares about and ultimately restrict efficient land management. Repealing the rule is favored by many of those who opposed it from the beginning or perceive that it undermines effective forest management. …after over two decades of implementation and learning, forest managers and partners know there could be thoughtful improvements to the Roadless Rule. …Rather than seeking to repeal the rule, the Forest Service should meaningfully engage stakeholders to update the rule and improve implementation based on what has been learned over the past 25 years. This will allow future land managers to benefit local communities and the nation.
OREGON — The Pacific Northwest isn’t known as maple syrup country, but a burgeoning syrup industry in Oregon and Washington is trying to change that perception, one gallon of sap at a time. The Northwest’s more temperate climate and more watery maple sap make it harder to make syrup at a commercial scale. Producers can invest in technology, much of it developed in Canada, to improve their harvests, but that means steeper initial investments for farmers, and it doesn’t solve the fact that making bigleaf maple syrup still requires long, grueling hours that producers say can be a barrier to entry. Because of that, the Northwest maple syrup industry has required more effort to get off the ground. But those passionate about local syrup say the delicious, boutique product is well worth the trouble.
The Trump administration is turning to rarely used laws to circumvent environmental restrictions and expand logging in certain Pacific Northwest forests, legal analysts and advocates say. In plans announced in February to expand logging in Alaska’s Tongass National Forest and on federal land in western Oregon … administration is using the 1990 Tongass Timber Reform Act to prioritize logging in the largest national forest in the US, and BLM is citing a 1937 law, the Oregon and California Revested Railroad Lands Act, to do so on its land in western Oregon. Both apply only to specific forests and envision logging as a primary use of those lands. The agencies are using federal laws that “privilege timber harvesting and will use that argument to short circuit environmental protections,” especially at the expense of endangered species, said Andrew Mergen, a Harvard Law School professor who was previously a lawyer at the Justice Department’s Environment & Natural Resources Division.
Across the Front Range, century-old, iconic ponderosa pines span thousands of acres …But over the past three years, that landscape has noticeably shifted. More hillsides are now marked by … signs of a growing pine beetle outbreak, according to the state’s Forest Service lead entomologist, Dan West. “The ability for these small, little insects to work in concert to all attack one tree all at the same time and to overcome the tree’s defenses that have been there for a century is truly staggering,” West said. It only took a few years for these tiny insects, no bigger than a grain of rice, to explode across the Front Range and impact more than 7,000 acres of forested land. Now, Gov. Jared Polis has launched an aggressive response. …Whether the state’s new task force can slow the outbreak remains to be seen. 
OREGON — A historic state-tribal collaboration in Oregon has stalled after a charitable foundation pulled out of a potential land deal. The Oregon Department of Fish and Wildlife was preparing to purchase 11,438 acres of private timberland using a federal grant. The area is about 10 miles southwest of La Grande in the Blue Mountains. The agency planned to manage the land alongside the Confederated Tribes of the Umatilla Indian Reservation — the first such collaboration in Oregon. But the landowner, the Harry A. Merlo Foundation, has withdrawn from the deal “for undisclosed reasons,” according to the Oregon Department of Fish and Wildlife. The state wildlife department and tribes had secured $22 million in federal funding to acquire and co-manage the land. …The plan was to restore this swath of forests and meadows for elk and salmon habitat.
When Hurricane Helene swept through western North Carolina, forestry officials conservatively estimated the storm damaged 822,000 acres of timber. Now satellite imagery showing changes in forest cover suggests the extent of damage was much greater. Nearly 18 months after Helene, forestry officials and the state fire marshal warned legislators Thursday that North Carolina needs to be much better prepared to battle wildfires. Deputy Forester Kevin Harvell with the North Carolina Forest Service said from the air, it’s easy to spot areas where complete stands of trees were flattened, making forest roads and logging roads impassable. …In many counties, N.C. Forest Service staffing consists of just three people – a county ranger, an assistant ranger, and a heavy equipment operator. That means a local county fire department may be the first responder when a brush or woods fire is reported. As in many areas of state government, Hicks says low pay is making it increasingly difficult to keep experienced staff.
RHNELANDER, Wisconsin — Wisconsin’s Forest Industry Roadmap and Strategies for Tomorrow, or Wisconsin Forests FIRST is a statewide initiative made for developing a plan and roadmap to ensure Wisconsin’s forests remain healthy and productive, while strengthening the timber industry. Wisconsin’s timber industry is one of the leading economic factors in the state, especially in the Northwoods. The new roadmap being developed by Wisconsin Forests FIRST Initiative aims to identify challenges within the industry to ensure long-term success. Wisconsin Council on Forestry chair, Tom Hittle, explains what the roadmap will consist of. …The research for the roadmap will last two years and seek out data-driven insights to support forest health in collaboration with local and statewide experts. The Great Lakes Timber Professionals and the Paper Council received a $1 million grant from the state to pursue the project with the Wisconsin Council on Forestry.
MONTANA — Three national forests east of Missoula are proposing a plan to require continuous logging across almost a million acres of southwest Montana for at least the next decade. On Monday, the U.S. Forest Service released a draft plan for a Tri-Forest Sustained-Yield Unit, which would direct logging to occur on more than 925,000 acres across the Beaverhead-Deerlodge, Helena-Lewis and Clark and Custer Gallatin national forests. The plan’s stated purpose is to “to support local economies and the timber industry.” Logging is predicted to ramp up to produce 35 million board-feet of lumber annually by the end of 10 years, according to the plan. … The plan says logging won’t occur in wilderness areas, recommended wilderness or wilderness study areas. …But some regional public land advocates are questioning the plan at a time when the Trump administration has pushed a number of other initiatives that favor the timber industry and reduce public comment.
In November 2025, the Department of Environmental Protection (DEP) approved a 
OLMYPIA, Washington – Washington state is poised to significantly expand its efforts to combat climate change with a proposed agreement to link its carbon market with those of California and Quebec. The move, announced Tuesday by the Washington Department of Ecology, aims to stabilize and reduce the costs associated with decarbonizing the state’s economy. The draft linkage agreement is now open for public comment until May 1, 2026, with the shared market potentially launching as early as 2027. This collaboration represents a major step forward in regional climate action, building upon Washington’s 2021 Climate Commitment Act. …The linkage would allow businesses in all three jurisdictions to participate in joint auctions and trade carbon allowances freely. This expanded market is expected to stabilize Washington’s relatively new and more expensive carbon market, as California and Quebec have been operating linked markets since 2014. While aligning with California and Quebec, Washington maintains distinct climate goals. 