Aluminum, steel tariffs impact on residential real estate

Following is a statement from National Association of Realtors® Chief Economist Lawrence Yun on the proposal to impose tariffs on steel and aluminum and the potential impact on residential real estate:

“International trade requires reciprocal understanding of mutual interests. Trade has to be fair and intellectual property rights have to be respected on both sides. Still, the proposed tariffs could measurably raise the cost of building materials and hinder home construction of affordable homes. But more importantly, tariffs and restrictions to international trade will hold back economic growth and job creations. A better way to raise GDP growth is to produce more homes. Job growth and additional housing inventory will greatly help American workers and American consumers.”