Chicago area lumber, gas prices could spike if President Trump’s tariffs go ahead

By Megan Hickey
CBS News Chicago
February 3, 2025
Category: Business & Politics
Region: Canada, United States, US East

EVANSTON, Illinois — After threats of sweeping tariffs against Mexico and Canada, President Trump announced a 30-day pause on the tariffs on both countries — narrowly avoiding a costly tariff war with both countries, for now. But there was still concern late Monday about what happens next month if the tariffs go ahead. …Gas and lumber are two of the big commodities that would potentially be impacted. The National Association of Home Builders warned that the cost of housing could soar and housing supply in general would take a hit. Local lumber supply companies said they are already feeling an impact, including Bob Fisher—owner of Evanston Lumber. The company sources about 30% to 35% of its lumber from Canada. While the rest of the lumber at Evanston Lumber comes from U.S. states such as Oregon and Washington, Fisher said switching to American lumber exclusively will not fix the problem.

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