Blog Archives

Breaking News

U.S. tariffs on Canada, Mexico and China take effect, triggering trade war

By Kelly Malone
The Canadian Press in the Financial Post
March 4, 2025
Category: Breaking News
Region: Canada, United States

WASHINGTON — Canadians are waking up to a new and uncertain reality after U.S. President Donald Trump’s deadline for economy-wide tariffs passed with no relent overnight, triggering a continental trade war. The president’s executive order hitting Canada and Mexico with 25 per cent across-the-board tariffs, with a lower 10 per cent levy on Canadian energy, took effect at 12:01 a.m. ET. …Prime Minister Justin Trudeau is set to hold a press conference in Ottawa Tuesday morning with Finance Minister Dominic LeBlanc, Foreign Affairs Minister Mélanie Joly and Public Safety Minister David McGuinty. Canada’s response is to start with tariffs on $30 billion worth of goods immediately and tariffs on the remaining $125 billion worth of American products 21 days later. The S&P 500 dropped two per cent in Monday afternoon trading. The Dow Jones Industrial Average dropped 1.5 per cent and the Nasdaq composite slumped 2.6 per cent. Ontario Premier Doug Ford warned Americans that Canada would have a strong response and suggested he could shut down the movement of critical minerals and energy into the United States. He said Trump needs to pull back for the sake of Americans and Canadians.

In related coverage:

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Special Feature

Preliminary anti-dumping duties on Canadian softwood lumber announced

By Nelson Bennett
Business in Vancouver
March 3, 2025
Category: Special Feature
Region: Canada, Canada West

The U.S. Commerce Department today announced new preliminary anti-dumping duties on Canadian softwood lumber imports of 20%. …The duties won’t become final until August, when final determinations are expected to be made. …The new preliminary duties is just the first shot across the bow in what is expected to be a nasty trade war, with additional tariffs that may be layered on top of duties. …Anti-dumping and countervailing duties have been in place on Canadian softwood lumber at varying levels since 2017, following the expiration of the last softwood lumber agreement in 2015. The duties on Canadian softwood lumber have been effective in shrinking Canada’s market share… from about 35% in 2016, to about 24% as of the end of 2024.

…Duties are held by the U.S. Treasury, pending appeals through trade tribunals like the World Trade Organization. In total, Canadian forestry companies have paid a total of $10 billion in duties since 2017. Canada is currently appealing the duties through the Canada-U.S.-Mexico Trade Agreement (CUSMA). Tariffs, on the other hand, are border taxes. In principle, it’s the buyer – the importer – who has to pay the tax, which means American buyers will have to pay more for Canadian lumber. …In practice, however, exporters may have to eat some of those taxes in order to preserve market share. “They’re going to be able to pass on two-thirds of the tariff because supply and demand is going to be tight,” said Russ Taylor. “I think individual companies are going to do their own thing. I think some may actually go off the market, and wait and see what happens to the price. There’s always going to be some company out there that’s will to cut the price to get an order today and keep running.”

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Business & Politics

Homebuilders Warn of Rising Building Costs as Trump’s Tariffs Take Effect

By Keith Griffith
Realtor.com
March 4, 2025
Category: Business & Politics
Region: Canada, United States

President Trump has imposed sweeping 25% tariffs on Canada and Mexico for border enforcement—but homebuilders say they could boost new home prices. …”This move to raise tariffs by 25% will harm housing affordability,” Homebuilders Chairman Buddy Hughes said. “Tariffs on lumber and other building materials increase the cost of construction and discourage new development, and consumers end up paying for the tariffs in the form of higher home prices.” …About 70% of the dimensional lumber and drywall gypsum used in residential construction is imported from Canada and Mexico respectively, according to industry data. China is a source of some fixtures and finishes used in homes. …Realtor.com Chief Economist Danielle Hale notes that while homebuilders and newly built homes will bear the initial brunt of the tariffs, the impacts could ripple out to the overall housing market in time.

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Canada’s Forest Sector says US tariffs on Canadian exports breaks terms of US-Mexico-Canada Agreement

By Derek Nighbor, President and CEO
Forest Products Association of Canada
March 4, 2025
Category: Business & Politics
Region: Canada

Derek Nighbor

“The U.S. President’s move to place broad-based tariffs on Canadian exports is unjustified and unilaterally breaks the terms of the existing US-Mexico-Canada Agreement. It is also deeply disappointing in that it runs counter to the principles of trust and collaboration that the Canada-U.S. relationship has been built on for generations. For Canada’s forest sector, if these tariffs are not removed, they will damage a long- and well-functioning integrated forest products supply chain that runs two ways and benefits Americans and Canadians alike. It will also create business uncertainty on both sides of the border and will drive up costs for building materials and everyday household products for Americans. Today, we stand with our federal government and provincial and territorial Premiers in support of a swift counter-response, including a comprehensive and responsible plan to support impacted employees, businesses, and communities until the President reverses his decision.”

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Trump tells Congress tariffs benefit U.S. as commerce secretary floats idea of deal

By Kelly Malone
The Canadian Press in CTV News
March 5, 2025
Category: Business & Politics
Region: Canada, United States

WASHINGTON — A day into Donald Trump’s North American trade war, the U.S. president remained adamant that tariffs would benefit America even as a key member of his team has floated that a compromise could materialize Wednesday. Trump addressed a joint session of Congress Tuesday night by making a case for his massive tariff agenda. …Ottawa introduced immediate 25% retaliatory tariffs. …Following a second day of sharp decline, U.S. Secretary of Commerce Howard Lutnick said… the government was looking to “work something out” in a deal that could be announced on Wednesday. …Lutnick tied the deal to the Canada-U.S.-Mexico agreement, which was negotiated under the first Trump administration to replace the North American Free Trade Agreement. …Trump also ordered 25% tariffs on all steel and aluminum imports into the United States on March 12… m[and he] signed an executive order to implement “reciprocal tariffs” starting April 2. Other tariff targets include automobiles, copper, lumber and agricultural products.

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‘Nothing more than a distraction,’ says B.C. forest minister on Trump’s lumber order

The Canadian Press in CTV News
March 2, 2025
Category: Business & Politics
Region: Canada, United States

Ravi Parmar

BC‘s Forest Minister said the latest executive order from US President Trump is “nothing more than a distraction” after Trump signed two orders to increase his country’s domestic supply of timber while reducing its reliance of timber imports from other countries, including Canada. …Ravi Parmar said that Trump’s latest move could only pose as a distraction from solving the real issue at hand — the “unjustified softwood lumber duties that are hurting workers on both sides of the border.” …Parmar said Trump’s order to increase U.S. lumber production by eliminating environmental requirements shows that “the U.S. would rather abandon its environmental standards than trade fairly with other countries.” …Parmar said the Canadian forest sector has been playing by the rules, and these trade barriers could only benefit a handful of American companies at the expense of workers, families and businesses in both countries.

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Trump wood product investigation threatens Canadian softwood

Unifor Canada
March 2, 2025
Category: Business & Politics
Region: Canada, United States

TORONTO—A new executive order by U.S. President Donald Trump to launch a s. 232 (National Security) investigation into wood products imported into the United States is a direct threat to Canadian softwood lumber and downstream wood products, placing thousands of jobs across Canada at risk. “To suggest our lumber and byproducts are a threat to American security is ludicrous but Trump is going back to his playbook to twist regulations to continue sustained attacks on the Canadian softwood industry and the jobs that depend on it,” said Unifor National President Lana Payne. …“The existing unjustified duties have already hurt our industry, resulting in job loss and production slowdowns. Now Trump aims to pile tariff on top of tariff to further weaken our forestry sector,” said Daniel Cloutier. …“The reality is the US needs to import lumber, and tariffs will further drive-up prices on American consumers.”

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US tariffs on Canada still coming Tuesday, but it may not be 25%: Lutnick

By Sean Previl
Global News
March 2, 2025
Category: Business & Politics
Region: Canada, United States

Howard Lutnick

US President Donald Trump’s commerce secretary said the tariffs on Canada and Mexico are still coming Tuesday, though he appeared to suggest there could be changes to the original 25% plan. Howard Lutnick said on Fox News’ Sunday that there would be tariffs on Canada and Mexico starting on the announced March 4 date, though Trump would determine at what levels. …“Exactly what they are, we’re going to leave that for the president and his team to negotiate.” …However, Lutnick told Fox News host Maria Bartiromo that Canada and Mexico had done a “reasonable job on the border.” Data from the US Customs and Border Protection agency shows that in January, fentanyl seizures at the Canada-U.S. border dropped to its lowest levels since 2023, with less than 14 grams seized during the month. Over 19 kilograms of fentanyl from Canada were apprehended in the last fiscal year.

In related coverage by Kelly Malone in the Canadian Press: Canada waiting to see if Trump starts North American trade war with steep tariffs

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Trump orders probe into alleged dumping of lumber in US market

By Myles McCormick and Ilya Gridneff
The Financial Times
March 1, 2025
Category: Business & Politics
Region: Canada, United States

Donald Trump has ordered a probe into dumping in the US lumber market, setting the stage for the industry to join the widening basket of commodities targeted by Washington’s global trade war.  The president directed the Department of Commerce to investigate whether imports of lumber and wood products were undermining domestic loggers in a way that posed a risk to US national security, days after ordering a similar review of the copper industry. …Forestry is big business for Canada. In 2022, the sector contributed C$33.4bn to real GDP, or about 1.2%. In the same year Canada’s forest product exports were valued at C$45.6bn, with the majority destined for the US. …Derek Nighbor, FPAC president, said any increase in tariffs on lumber would hurt forest sector employees on both sides of the border. …But Andrew Miller, chair of the US Lumber Coalition, said: “Canada’s unfair trade comes at the direct expense of US companies and workers.”

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Trump orders probe into U.S. lumber imports that could heap more tariffs onto Canada

By David Lawder and Andrea Shalal
Thomson Reuters in CBC News
March 1, 2025
Category: Business & Politics
Region: Canada, United States

US President Trump on Saturday ordered a new trade investigation that could heap more tariffs on imported lumber, adding to existing duties on Canadian softwood lumber and 25% tariffs on all Canadian and Mexican goods due next week. Trump signed a memo ordering Commerce Secretary Howard Lutnick to initiate a national security investigation into US lumber imports under Section 232 of the Trade Expansion Act of 1962. The trade law is the one Trump also used to impose tariffs on global steel and aluminum imports. The probe covers products made from lumber that could include furniture such as kitchen cabinets. The investigation must be completed within 270 days.

Trump also ordered new steps within 90 days to increase the domestic supply of lumber by streamlining the permitting process for harvesting lumber from public lands and improving the salvage of fallen trees. …A White House official said that increasing reliance on imported lumber represents a possible national security risk partly because the US military consumes significant quantities of lumber for its construction activities and because increasing dependence on imports for a commodity with ample domestic supplies is a danger to the US economy. …The official said any tariffs resulting from the probe would be added to the existing 14.5% duties on Canadian softwood lumber. The new duties would also stack on top of Trump’s threatened 25% general tariff on all Canadian and Mexican goods that are scheduled to take effect on Tuesday unless Trump is persuaded by the two countries’ efforts to secure their borders and halt fentanyl trafficking.

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BC pulp and paper sector faces threats foreign and domestic

By Nelson Bennett
Business in Vancouver
March 4, 2025
Category: Business & Politics
Region: Canada, Canada West

The second-most important forestry-based commodity in B.C. is pulp and paper manufacturing, which is, fortunately, less exposed [than lumber] to the US, thanks to more diversified markets, and not subject to anti-dumping duties. …Like all sectors in Canada, the pulp and paper industry now faces the prospects of tariffs, though the U.S. market accounts for only 15% of BC pulp exports. …But there is less opportunity for substitution for Canadian pulp and paper in the U.S. than lumber, according to Kevin Mason, managing director for ERA Forest Products Research. Tariffs—if they materialize—will simply be passed on to buyers, including large tissue and paper towel makers in the U.S. “The investment and time required to build new pulp capacity will prohibit domestic substitution in the near, medium and long-term.”  …Though B.C.’s pulp sector may not be as directly exposed to U.S. trade as lumber, it could be indirectly affected because the industry is so heavily integrated with the sawmilling sector.

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Forest critic Stamer calls for tax on thermal coal in response to softwood lumber duties

By Michael Reeve
CFJC Today
March 3, 2025
Category: Business & Politics
Region: Canada, Canada West

KAMLOOPS — The U.S. Department of Commerce has announced plans to almost triple the anti-dumping duties on Canadian softwood lumber. …“It’s going to be devastating for our industry if we can’t come up with some cost saving methods to be able to not only be more competitive but also trading with our largest partner when it comes to our softwood lumber agreement. …Kamloops-North Thompson MLA and Forest Critic Ward Stamer believes B.C. needs to place a carbon tax on coal as a response. “Our party proposed a carbon tax on U.S. thermal coal through our ports last Monday, and really what we should be doing — whatever they are charging us in duties, we should be charging them back with a carbon tax. …The BC Conservatives asked for an update on their carbon tax proposal during Monday’s question period.

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Canadian forestry faces ‘massive threat’ from double whammy of tariffs and new duties: B.C. premier

By Andrew Kurjata
CBC News
March 3, 2025
Category: Business & Politics
Region: Canada, Canada West, United States

Softwood lumber producers in Canada are bracing for a double whammy of tariffs of up to 25%, which could be in effect as soon as Tuesday, as well as a new levy imposed by the US Department of Commerce, which could come into effect in August. In a release BC Premier David Eby called the news a “massive threat” to the province’s forestry sector. …The announcement also comes shortly after Trump ordered a probe into US lumber imports, signing a memo for a national security investigation to be launched into lumber and lumber products brought into the country, with a White House official arguing that reliance on imported lumber represents a possible national security risk. …Eby characterized the announcements as “biased” and called Trump’s targeting of Canadian goods as “unwarranted attacks, and not how allies treat each other.” …”US homes will be more expensive to build, and hardworking people in our province will bear the brunt.”

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BC-based Tolko cuts back consultant workforce

By Jennifer Smith
Victoria News
February 28, 2025
Category: Business & Politics
Region: Canada, Canada West

VERNON, BC — A number of people are out of work following trims made by lumber giant Tolko Industries. Over the past few weeks, the Vernon, BC-based company has reduced the size of its consultant workforce. “These decisions are not made without a lot of consideration,” communications advisor Chris Downey told The Morning Star. “We have an extremely committed workforce whose families and communities rely on Tolko for stable jobs, and we recognize the impact this has on many employees.” But it’s not the looming U.S. tariffs that forced Tolko’s hand on these cuts. “BC policy and regulatory burden causing high costs and limiting access to available economic fibre for our B.C. manufacturing facilities continues to impact our B.C. footprint,” Downey said. It’s unknown yet how tariffs could impact Tolko, or any forest product company.

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New Brunswick natural resources minister wants plan by April to save Irving jobs

By John Chilibeck
The Telegraph-Journal
March 3, 2025
Category: Business & Politics
Region: Canada, Canada East

New Brunswick’s natural resources minister says he’s working closely with Irving Paper to ensure a durable solution is in place to save jobs at its Saint John mill. John Herron said the need to protect the plant on Bayside Drive on Saint John’s east side was urgent, given the number of high-paying jobs – 143 – and economic activity at stake. …“It’s certainly not lost on me that the plant is very important to the regional economy and the provincial economy. …J.D. Irving, Limited, the mill’s parent company, announced early last week that it would shut down one of its two machines at the old plant because it said NB Power’s high industrial rate for electricity was making it uncompetitive in the global paper industry. …The machine that’s being shut down is the most energy intensive of the two.

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Despite mill closure, Espanola ‘didn’t fold up and shut down’

By Hugh Kruzel
The Mid-North Monitor
February 27, 2025
Category: Business & Politics
Region: Canada, Canada East

ESPANOLA, Ontario — Resource towns dot the Canadian landscape; they blossomed during the boom times of the last century. Lumber mills, plywood factories, and plants producing rolls of newsprint – with their signature aromatic plumes of smoke – defined many places on the Highway 11 or 17 corridor. …In the 21st century, no municipality relying on one industry can think itself safe from global change or distant corporate headquarters driven by the bottom line. Espanola, located about 71 km west of Sudbury, is another northeastern Ontario community where a mill closing sent ripples through the local economy. On Sept. 6, 2023, Domtar announced it would “indefinitely idle” its pulp and paper operations. …In a town of 3,986 (as of 2021), about 450 workers were affected almost overnight.. …”We are launching a process to establish an economic diversification strategy for the region. …It is only a matter of time before something establishes itself there.”

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US Lumber Coalition Applauds Trump’s Enforcement of the US Trade Laws Against Softwood Lumber

The US Lumber Coalition
PR Newswire
March 3, 2025
Category: Business & Politics
Region: United States

Zoltan Van Heyningen

WASHINGTON — “The higher preliminary duty level announced by the Commerce Department demonstrates the severity of dumping and frankly disgraceful behavior by Canadian exporters in the U.S. market,” emphasized Andrew Miller  of Stimson Lumber. …”The US Lumber Coalition applauds the Trump Administration’s strong commitment to enforcing the U.S. trade laws against Canadian unfair trade behavior that is killing U.S. jobs by suppressing U.S. lumber production,” stated Zoltan van Heyningen, U.S. Lumber Coalition Executive Director, adding that “The trade cases must remain in place as long as Canada keeps subsidizing and dumping.” Mr. van Heyningen further stated that “If Canada does not like the import duties, simply stop engaging in unfair trade and stop violating our trade laws. It’s not complicated.” …”The American lumber industry and forestry sector today has the capacity to supply nearly all U.S. lumber demand, and with continued strong trade law enforcement can reach 100% over time.

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International Paper Names New Leaders

By International Paper
PR Newswire
March 28, 2025
Category: Business & Politics
Region: United States

Tim Nichols

Lance Loeffler

MEMPHIS, Tennissee — International Paper announced changes to its executive leadership team. Tim Nicholls has been named Executive Vice President and President of DS Smith, an International Paper company, reporting to Chairman and Chief Executive Officer Andy Silvernail. Tim has served as the CFO of International Paper since 2018 and also held the CFO role from 2007 to 2011. …He led the IP side of the integration planning for the combination with DS Smith and served as the interim leader of the combined business in EMEA since the close of the transaction. …Additionally, Lance Loeffler will join International Paper as Senior Vice President and Chief Financial Officer (CFO), reporting to Silvernail. Throughout his more than 25-year career, he has worked in finance, strategy and business leadership roles at UBS Investment Bank, Deutsche Bank Securities and Halliburton.

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Stimson Lumber plans Hagg Lake mill expansion

By Chas Huntley
Gales Creek Journal
March 3, 2025
Category: Business & Politics
Region: United States, US West

OREGON — Stimson Lumber’s representatives will host a community meeting to outline plans to build a new structure at their mill near Hagg Lake Tuesday, March 4. “We are considering a proposal to add a new 45,000 square-foot small-log sawmill building to our existing sawmill facility,” a representative for Stimson Lumber said. “The new building would take the place of an existing 60,000 square-foot warehouse building, which would be demolished,” the letter read. According to documents, the footprint of the existing sawmill would not be expanded. In a June 2024 press release, Stimson Lumber said the company would invest $50 million into building a high-speed sawmill for smaller-dimension timber. The company believes the new line will be operational in 2026.

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Domtar Announces Startup of New PCC Plant at Nekoosa Mill

Domtar Corporation
February 25, 2025
Category: Business & Politics
Region: United States, US East

NEKOOSA, Wisconsin — Partnering with Omya, a producer of essential minerals, the mill built an on-site plant to ensure a reliable source of precipitated calcium carbonate, a key papermaking ingredient. The new PCC plant came online in September 2024, solving several supply challenges. …In 2020, the PCC plant that supplied multiple Wisconsin paper mills, including Domtar’s Rothschild and Nekoosa facilities, closed. …Domtar and Omya researched constructing a four-story PCC plant at the Nekoosa mill. …In July 2022, the companies agreed to build a 27,500 dry-ton-per-year Omya-designed, owned and -operated PCC plant within the Nekoosa mill’s existing footprint. …“By executing this high-ROI, three-year project with a strategic partner, Nekoosa now has an unlimited supply of PCC on-site that allows for flexibility in our papermaking schedules and effective grade development,” says Jason McCauley, Nekoosa mill general manager.

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US Lumber Coalition Applauds President Trump’s Additional Measures to Investigate Unfair Trade Practices

By The US Lumber Coalition
PR Newswire
March 2, 2025
Category: Business & Politics
Region: International

WASHINGTON — President Trump has ordered an investigation under section 232 of the Trade Expansion Act of 1962 to determine the “impact of foreign government subsidies and predatory trade practices.” “We know that foreign governments such as Canadian federal and provincial governments subsidize the Canadian lumber industry to promote employment and disruptive excess Canadian lumber production that is then dumped into the U.S. market to the detriment of U.S. companies and workers,” stated Andrew Miller, Chair/Owner of Stimson Lumber Company. “President Trump is absolutely correct in saying that we do not need any unfairly traded Canadian lumber imports,” stated Miller, adding that “the combination of fully enforcing our antidumping and countervailing duty trade laws and this additional enforcement step against unfair trade taken by President Trump will accelerate addressing the harmful effects of foreign unfair trade practices in lumber. Thank you President Trump!

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Finance & Economics

Industrial outlook darkens ahead of tariffs

By Michael Rudolph
FreightWaves
March 4, 2025
Category: Finance & Economics
Region: Canada, United States

In the run-up to Tuesday’s promised barrage of tariffs against Mexico, Canada and China, the U.S. industrial sector is not looking so hot — a dark omen for domestic freight demand. For one, construction spending took an unexpected hit in January, down 0.2% from December against consensus expectations of stability. Outlays for private residential projects fell 0.4%, despite a 0.6% monthly rise in single-family spending. …The Institute for Supply Management’s Manufacturing PMI saw its second straight month of expansion in February, following 26 consecutive months of contraction. …Comments from various sectors all reveal an intense concern over the upcoming tariffs. One anonymous manufacturer of transportation equipment noted that “customers are pausing on new orders as a result of uncertainty regarding tariffs.” …These tariff-induced fears have darkened businesses’ outlook for the year ahead, a quick reversal from January’s jubilance.

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Lumber Prices Hit 2022 High as Trump Investigates Foreign Imports

By Ilena Peng
Bloomberg News
March 3, 2025
Category: Finance & Economics
Region: Canada, United States

Lumber futures rose to the highest in more than two and a half years after President Donald Trump ordered an investigation into shipments of the commodity into the U.S. Trump on March 1 asked the Commerce Department to investigate the national security harm posed by lumber imports. Those shipments largely come from Canada, which is already facing the threat of 25% tariffs on its goods. The most-active contract in Chicago rose as much as 3.5% to the highest since August 2022. Shares of some Canadian lumber companies slumped on March 3, with Interfor Corp. dropping as much as 9.9%, the most since June 2022. Canfor Corp. fell as much as 3.5%.

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Trump’s tariffs roil U.S. markets. And that’s the reaction that matters

By Alexander Panetta
CBC News
March 4, 2025
Category: Finance & Economics
Region: Canada, United States

Canada can huff, and puff, but if anything’s going to blow down Trump’s house of tariffs it’s going to be the reaction within the US. And there are signs of pushback. The stock market is turning, economic sentiment is nosediving, the U.S. president’s approval is receding, and American lawyers are preparing lawsuits. Those factors will likely pack more punch in Washington than the $155 billion in counter-tariffs threatened by Canada. …Markets replied by quickly wiping out their entire gains for 2025, with the S&P 500 losing 1.76% on the day, triggering hundreds of billions in losses. …But that modest single-day decline is by no means the only grey cloud on the economic horizon. US consumer confidence has had its sharpest monthly drop since the pandemic. …So now we watch the Americans investors and the courts. For all the talk about how Canada might fight tariffs, the decisive battle is south of the border.

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Tariff threat pushes up lumber prices despite average demand

By Joe Pruski
RISI Fastmarkets
March 3, 2025
Category: Finance & Economics
Region: Canada, United States

The perpetually moving target of tariffs on Canadian lumber shipments to the US frustrated traders and had broad impacts on sales in many species. Despite middling demand, the threat of tariffs combined with relatively tight supplies left many prices higher for the week. The delay in announcement of preliminary AD rates by the Commerce Department injected further uncertainty. Despite inconsistent trading throughout February, the Random Lengths Framing Lumber Composite Price recorded its fourth straight increase and hit $461. That is its highest level since July 2023. Western S-P-F sales were steady but uneventful. Canadian mills weighed their responses to potential tariffs with plans ranging from adders on quoted levels to managing production and focusing sales to non-US destinations. Lumber futures were extremely volatile, swinging aggressively to every news report. The Southern Pine market was in disarray as traders processed a constant flow of mixed signals.

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Doman Building Materials reports Q4, 2024 net earnings of $8.3 million

By Doman Building Materials Group Ltd.
The Gazette
February 27, 2025
Category: Finance & Economics
Region: Canada

VANCOUVER — Doman Building Materials Group announced today its fourth quarter and full year 2024 financial results for the period ended December 31, 2024. …For the three-month period ended December 31, 2024, revenues amounted to $707.8 million, compared to $527.4 million in the same period in 2023. …Net earnings were $8.3 million versus $10.5 million in the comparative period of 2023. …For the year ended December 31, 2024, consolidated revenues increased to $2.7 billion, compared to $2.5 billion in 2023, largely due to the impact of the results of the 2024 acquisitions, which were also offset with the slowing in the construction materials market. Net earnings for the full year were $54.2 million versus $75.8 million in the comparative period of 2023.

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Calculating The Impact Of Lumber Tariffs On New Homes

By Den Shewman
MortgagePoint
February 27, 2025
Category: Finance & Economics
Region: Canada, United States

Zoltan van Heyningen

The rumor mill has it that the cost of lumber is driving up housing affordability. …A recent study by the U.S. Lumber Coalition found that since 2016, U.S. lumber mills have added eight billion board feet of production capacity and have produced 30 billion additional board feet of softwood lumber. …In addition, the US supplies up to 95% of its own lumber needs today, due to increased U.S. capacity through the enforcement of the U.S. trade laws. Lumber makes up only 1.7% of the price of a new home. Duties on Canadian lumber make up just 0.04% of the price of a new home. That [means]: lumber cost has minimal impact on housing affordability. …“Since Canada relies almost exclusively on the U.S. market to unload its excess lumber production at any cost… this new U.S. self-reliance for its softwood lumber needs is causing panic within the Canadian lumber export industry,” stated Zoltan van Heyningen.

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North American construction outlook: US Trump boost comes at a cost for Canada and Mexico

By James Knightley and Coco Zhang
ING Think
February 27, 2025
Category: Finance & Economics
Region: Canada, United States

From a supply perspective, the construction sector is vulnerable to President Trump’s immigration controls. …In an environment of falling numbers of American-born workers, this may mean labour supply is constrained in some key sectors including construction, agriculture and leisure & hospitality, which have relatively large immigrant workforces. …As such there is the threat of a perfect storm for US home builders – rising raw material costs, potential worker shortages boosting pay rates with demand constrained by high mortgage rates. In this environment, we see housing starts, which hit a 15-year high of 1.6m in 2021 before falling to 1.55m in 2022, 1.42m in 2023 and 1.36m in 2024 dropping to 1.275m in 2025 and staying at a similar level in 2026 before rising to 1.35m in 2027. …Canada is vulnerable to a painful trade war with the US. …While not introduced yet, the uncertainty that this generates will mean non-residential projects are put on hold. 

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Prices and Trends in the U.S. Framing Lumber Market

The National Association of Home Builders
February 24, 2025
Category: Finance & Economics
Region: Canada, United States

The week-to-week framing lumber composite price increased 1.6% on Feb. 21, 2025, rising to $453 per 1,000 board feet. Lumber prices are now 15.6% higher than they were one year ago. …Softwood lumber prices have been especially volatile in recent years largely because of increased demand, rising tariffs, supply-chain bottlenecks and insufficient domestic production. …Surveys conducted by Home Innovation Research Labs show that the average new single-family home uses more than 2,200 square feet of softwood plywood, and more than 6,800 of OSB, in addition to roughly 15,000 board feet of framing lumber. Softwood lumber is also an input into certain manufactured products used in residential construction — especially cabinets, windows, doors and trusses. …As explained in NAHB’s study on regulatory costs, the final home price will increase by nearly 15% above the builder’s cost. The bottom line is that changes in softwood lumber prices directly impact the price of a new home. 

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Wood, Paper & Green Building

US Investigation on lumber may include paper products, furniture and cabinetry

JDSupra
March 3, 2025
Category: Wood, Paper & Green Building
Region: Canada, United States

The full scope of the new investigation is not yet certain. The Executive Order defines the term “timber” to refer to wood that has not been processed and defines the term “lumber” as wood that has been processed, including wood that has been milled and cut into boards or planks. The Executive Order provides three examples of derivative products (paper products, furniture, and cabinetry), but does not provide a complete list and additional derivative products are likely to covered by the investigation. …A report outlining the following: (1) its findings as to whether imports of timber, lumber, and their derivative products threaten national security; (2) recommendations on actions to mitigate such threats, including potential tariffs, export controls, or incentives to increase domestic production; and (3) policy recommendations for strengthening the United States timber and lumber supply chain through strategic investments and permitting reforms. 

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UK Government commits to increase the use of timber in construction

Builders’ Merchants News
February 28, 2025
Category: Wood, Paper & Green Building
Region: International

LONDON – Ambitious new plans to increase the use of timber in construction were announced by Environment Minister Mary Creagh at the Timber in Construction Summit in London. The new Timber in Construction (TiC) Roadmap is being introduced to help get Britain building using timber – creating economic growth, rural jobs and helping meet housebuilding targets in a sustainable way. The TiC Roadmap was first published at the end of 2023. This new and improved version goes even further, highlighting the Government’s ambition to boost the domestic timber industry and kickstart the construction sector without compromising on quality, safety or carbon emissions. …Alex Goodfellow, Chair of the Confederation of Timber Industries, and CEO of Donaldson Offsite, represented the timber industry when he said: “The Minister’s support for the Timber in Construction Roadmap shows the Government’s firm commitment to a growth agenda: growth for forestry, for housing, for low-carbon skills and for the economy.

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Forestry

Countries reach a $200-billion deal to protect nature. The US was not involved

By Inayat Singh
Thomson Reuters in CBC News
February 28, 2025
Category: Forestry
Region: Canada, International

Steven Guilbeault

A gathering of countries in Rome this week agreed on a plan to generate $200 billion US in finance a year by 2030 to halt and begin to reverse the destruction of the natural world. The United Nations’ COP16 talks on biodiversity began last October in Colombia but failed to reach an agreement on who would contribute, how the money would be gathered and who would oversee it. …Led by negotiators from the so-called BRICS countries — Brazil, Russia, India, China and South Africa. …The finance deal is a result of a landmark agreement in Montreal in 2022, when countries agreed to protect 30 per cent of the world’s lands and oceans. Canadian negotiators, led by federal Environment Minister Steven Guilbeault, got that deal through complex and fraught negotiations involving 196 countries. Since then, the Canadian government has pushed funding into conservation efforts, including $200 million for Inuit-led conservation in the Arctic.

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‘Sawmill turncoats’ handing industry over to the US

By James Steidle, Stop the Spray
The Prince George Citizen
February 28, 2025
Category: Forestry
Region: Canada, Canada West

When the BC Liberals ushered in the era of consolidation and mega-corporatization of our forest industry, I bet they didn’t think their creation would turn on them. But that’s exactly what’s happening. Analysts say that 2025 could be the year the American South produces more softwood lumber than all of Canada. …We can debate all day about how “investment” has every right to leave, especially if we don’t give it everything it demands, like massive profits for billionaires. …Our past governments, in all their glorious wisdom, decided that an “efficient” industry of consolidated monopoly and monopsony players, with immense market power, would create a globally competitive Canadian forest industry. …We created a monster that turned its back on us the moment it could make a higher profit elsewhere.

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Climate Forests Campaign Responds to Anti-Forests Executive Order

By Randi Spivak, Becca Bowe, Steve Pedery, Gabby Kientzle & Adam Rissien
WildEarth Guardians
March 1, 2025
Category: Forestry
Region: United States

WASHINGTON – President Trump issued an executive order that seeks to ramp up logging across federal forests. …In response to the executive order, members of the Climate Forests Coalition, including Center for Biological Diversity, Sierra Club, Earthjustice, Oregon Wild, and WildEarth Guardians issued the following statement: “This executive order will decimate our federal forests. It will use tax dollars to line the pockets of corporate logging interests, undermine environmental laws, and take public forests out of public hands. This directive is part of a pattern to undermine science, gut the federal workforce, and privatize our public lands. Clearcutting our public lands for private profit will destroy mature and old-growth forests, pollute our air and water, and in bypassing the Endangered Species Act, actively drive vulnerable wildlife to extinction.” The order is being introduced just after a timber industry executive was appointed as the new Forest Service Chief.

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Trump Moves to Increase Logging in National Forests

By Lisa Friedman
The New York Times
March 2, 2025
Category: Forestry
Region: United States

President Trump has promised to “drill, baby, drill.” Now, he also wants to log. Mr. Trump directed federal agencies to examine ways to bypass endangered species protections and other environmental regulations to ramp up timber production across 280 million acres of national forests. …Randi Spivak for the Center for Biological Diversity, said “Clearcutting these beautiful places will increase fire risk, drive species to extinction, pollute our rivers and streams, and destroy world-class recreation sites”. …Mr. Trump called for the convening of a committee of high-level officials nicknamed the God Squad because it can override the landmark Endangered Species Act. The committee has rarely been convened since it was created, in 1978, through an amendment to the endangered species law to allow for action during emergencies like hurricanes and wildfires. Mr. Trump also directed official  to look for ways to streamline regulations and reduce costs for timber production. [to access the full story a NY Times subscription is required]

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California Gov. Gavin Newsom proclaims state of emergency to speed up wildfire prevention projects

By Brandon Downs
CBS News
March 2, 2025
Category: Forestry
Region: United States, US West

Gavin Newsom

SACRAMENTO – California Gov. Gavin Newsom announced he has proclaimed a state of emergency to speed up wildfire prevention projects ahead of the peak wildfire season. Saturday’s announcement comes nearly two months after the Los Angeles area wildfires. Newsom says the emergency proclamation will suspend the California Environmental Quality Act and California Coastal Act, which he says has been slowing down forest management projects. This could allow for more projects like vegetation and tree removal, adding fuel breaks and prescribed burns. The proclamation will also allow nonstate entities to conduct approved fuel reduction work. Lastly, the proclamation calls for increasing the efficiency and utilization of the California Vegetation Treatment Program to promote a rapid environmental review of large wildfire risk reduction treatments. …In a letter to Congress, Newsom requested nearly $40 billion to help Los Angeles recover from the fires.

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Health & Safety

Pictou Landing First Nation seeks judicial review of Boat Harbour cleanup plan

By Taryn Grant
CBC News
March 1, 2025
Category: Health & Safety
Region: Canada, Canada East

NOVA SCOTIA — Pictou Landing First Nation has asked the Federal Court to overturn Ottawa’s approval of a plan to store contaminated sludge from Boat Harbour in an enclosed structure on nearby land. The Mi’kmaw community in northern Nova Scotia has filed for a judicial review of the decision from federal Environment Minister Steven Guilbeault. Guilbeault said last month that the proposed remediation of Boat Harbour, which for decades received wastewater from a kraft paper mill, “is not likely to cause significant adverse environmental effects.” …The submission mentions insufficient consultation, interference with treaty rights and violations of the United Nations Declaration on the Rights of Indigenous Peoples, among other grounds. …Community members have said they were duped into the deal with false assurances that the effluent wouldn’t be harmful, but they soon noticed major environmental changes.

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Forest Fires

Alberta prepares as wildfire season begins

By Joey Chini
CBC News
March 1, 2025
Category: Forest Fires
Region: Canada, Canada West

CALGARY — March 1 marks the start of wildfire season in Alberta, which comes days after firefighters brought a fire burning west of Ghost Lake, north of Highway 1A, under control. The cause of the 16.7-hectare fire remains under investigation. The provincial government, along with municipalities and firefighting crews across Alberta, have already been busy with preparation work for this year’s season. Minister of Forestry and Parks Todd Loewen talked about the importance of being prepared. …The province has bolstered its wildfire mitigation plans this year, Loewen says. Utilizing controlled burns, creating firebreaks and managing forest vegetation to minimize fuel for fires are all tools at the government’s disposal. As of Friday afternoon, there were 10 active fires in the province; however, none were classified as out of control. Loewen says nearly 60 wildfires were burning at this time last year.

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Wildfires ravage forests in North and South Carolina

The Associated Press in the Altoona Mirror
March 3, 2025
Category: Forest Fires
Region: United States, US East

Crews battled wildfires in North and South Carolina on Sunday amid dry conditions and gusty winds and evacuations were ordered in some areas. The National Weather Service warned of increased fire danger in the region due to a combination of critically dry fuels and very low relative humidity. In South Carolina, Gov. Henry McMaster declared a state of emergency on Sunday to support the wildfire response effort, and a statewide burning ban remained in effect. Crews worked to contain a fire in the Carolina Forest area west of the coastal resort city of Myrtle Beach, where residents were ordered to evacuate several neighborhoods, according to Horry County Fire Rescue. The South Carolina Forestry Commission estimated Sunday afternoon that the blaze was burning about 1.9 square miles with zero percent containment. No structures had succumbed to the blaze and no injuries had been reported as of Sunday morning, officials said.

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Georgia Forestry Commission responded to 137 wildfires across almost 2,400 acres Saturday

By Jonathan Raymond
11Alive.com
March 2, 2025
Category: Forest Fires
Region: United States, US East

ATLANTA — The Georgia Forestry Commission said Sunday that a day earlier, amid high-risk conditions across much of the state, that it responded to more than 130 wildfires burning across nearly 2,400 acres. There was a Red Flag Warning in place on Saturday, as dry air and high winds combined for dangerous wildfire conditions. The Georgia Forestry Commission meanwhile said it responded to 137 wildfires, which collectively burned 2,390 acres. “Conditions for today are better than yesterday, but we still need you to please be cautious with anything that may start fires outdoors,” the commission said. A special weather statement from the National Weather Service — not rising to the level of a warning, but still notable — also said there were high fire danger conditions on Sunday.

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