Trump Imposes a Tariff on Canadian Timber

The Trump administration on Monday imposed a 20% tariff on softwood lumber entering the United States from Canada, souring a generally friendly trading relationship between the two countries.

Donald Trump announced the decision during a gathering with conservative media outlets at the White House Monday evening. Trump's initial comments were relayed by four people who were in the room and confirmed by an administration official, the Associated Press reported.

The Commerce Department later announced it had reached a preliminary determination and would impose countervailing duties ranging from 3% to 24% on imported softwood lumber, with an average of about 20%.

This article was written by a staff member of TheStreet.