The Organisation for Economic Co-operation and Development (OECD) has warned that Donald Trump’s trade war will damage global growth. The tariffs imposed by the Trump administration on imported goods from Canada, Mexico, and China are driving up the cost of building materials used in new residential construction and home remodeling projects. According to the National Association of Home Builders, these tariffs are projected to raise the costs of building a single-family home in the U.S. by $7,500 to $10,000. Such costs are typically passed along to the homebuyer in the form of higher prices, which could hurt demand at a time when the U.S. housing market remains in a slump. The uncertainty of how long these tariffs will continue has been a challenging aspect for planning within the industry. — news from Financial Times
