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U.S. open to new lumber talks with Canada, USTR Tai says

By David Lawder WASHINGTON (Reuters) -The United States is open to fresh negotiations with Canada to resolve a longstanding dispute over U.S. tariffs on softwood lumber but a core...
U.S. open to new lumber talks with Canada, USTR Tai says © Reuters. FILE PHOTO: U.S. Trade Representative Katherine Tai takes part in a news conference in Ottawa, Ontario, Canada May 5, 2022. REUTERS/Blair Gable

By David Lawder

WASHINGTON (Reuters) -The United States is open to fresh negotiations with Canada to resolve a longstanding dispute over U.S. tariffs on softwood lumber but a core sticking point remains, U.S. Trade Representative Katherine Tai said on Wednesday.

Tai told a U.S. Senate Appropriations subcommittee meeting that a new lumber trade agreement requires the Canadian government to address U.S. concerns that its policies amount to subsidies for Canadian producers.

"When and if Canadian industry and the Canadian government are ready to address those issues, we stand ready and willing to enter into negotiations to see if we can once again come to some kind of an agreement with Canada," Tai said.

U.S. homebuilders, beset with price inflation for lumber and other building materials, have clamored for President Joe Biden's administration to remove the anti-subsidy and anti-dumping duties in place on Canadian softwood lumber, ranging from 6.75% to 20.24%, depending on the producer.

U.S. Treasury Secretary Janet Yellen said on Tuesday that Biden was not considering cutting the lumber duties as he deliberates potential tariff relief on Chinese imports to help control inflation.

The softwood lumber tariffs are the legacy of a decades-long trade dispute over the structure of Canada's timber sector that could not be resolved when a quota agreement expired in 2015.

The United States has said that Canadian timber harvested from federal and provincial lands with low government-set stumpage fees constitutes an unfair subsidy, while most U.S. timber is harvested from private land at market rates.

"I talk lumber almost every time I see my Canadian counterpart," Tai told the hearing, referring to Canadian Trade Minister Mary Ng.

Indicating that the fundamental subsidy dispute is still a major hurdle, Tai said any resolution would depend on Canada's willingness to address "an unlevel playing field for our industry with respect to how they govern their harvesting and their industry, which has the impact of subsidies for (U.S.) competitors."

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08-07-2022 00:44:17 (UTC+7)

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EUR/USD

1.0153

-0.0028 (-0.28%)

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GBP/USD

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Adidas AG

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 EUR/USD1.0153Buy
 GBP/USD1.2004↑ Buy
 USD/JPY136.04Neutral
 AUD/USD0.6836↑ Buy
 USD/CAD1.2985↑ Sell
 EUR/JPY138.12Buy
 EUR/CHF0.9893↑ Buy
 Gold1,738.55↑ Sell
 Silver19.177↑ Sell
 Copper3.5565Neutral
 Crude Oil WTI103.41Neutral
 Brent Oil105.30Neutral
 Natural Gas6.204↑ Sell
 US Coffee C218.53↑ Sell
 Euro Stoxx 503,488.50↑ Sell
 S&P 5003,893.10↑ Buy
 DAX12,843.22Neutral
 FTSE 1007,189.08↑ Sell
 Hang Seng21,643.58↑ Buy
 Small Cap 20001,767.75↑ Buy
 IBEX 358,122.50↑ Buy
 BASF41.300↑ Buy
 Bayer56.59Sell
 Allianz178.46Buy
 Adidas169.28↑ Buy
 Lufthansa5.764↑ Buy
 Siemens AG97.71↑ Buy
 Deutsche Bank AG7.983↑ Sell
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# So hôm qua # Chênh TG
SJC Eximbank6,765/ 6,825
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SJC Cantho6,785/ 6,847
(0/ 0) # 1,916
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Cập nhật lúc 18:49:11 07/07/2022
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