How retaliatory tariffs are impacting Nevadans
RENO, Nev. (News 4 & Fox 11) -- A US Chamber of Commerce analysis shows that$107 million in Nevada exports are subject to retaliatory tariffs or taxes that Canada, China, Mexico and the European Union imposed against the United States.
According to the Associated Press, the retaliatory tariffs come after President Donald Trump imposed a 25 percent tariff on steel imports, a 10 percent tariff on aluminum imports and a $34 billion dollar tariff on Chinese imports.
Steel manufacturers here in Nevada were already in the midst of pre-tariff price increases with the cost of steel reaching an all time high in December 2017.
Because steel is used to build homes and buildings, the state's housing industry is now faced with spending more money to buy the necessary amounts of steel.
With Reno growing and expanding the way it has been, a new infrastructure has been required which has also caused a housing shortage, so construction costs are already an issue here in the Biggest Little City.
In November 2017, the Trump administration imposed a 21 percent tariff on softwood lumber from Canada which amounts to more than a quarter of the lumber used here. That tariff caused lumber prices to go up 27 percent.
According to the Reno-Sparks Association of Realtors, the average price of a single-family home in Reno hit $400,000 in March - this all before the tariffs were imposed.