Dashboard / Forestry
Industry Report — data through Sep 1, 2026

Forestry

Unsettled

Softwood lumber, pulp and paper, and wood products. The softwood lumber dispute predates the current trade war by decades.

Impact
4/5
Significant active measures
Escalation risk
3/5
Some pending uncertainty
Adaptability
3/5
Alternatives exist but costly
Price risk
4/5
Costs flowing to consumers

Softwood lumber faces a triple stack: the 2025 administrative review raised CVD/AD duties from ~14.54% to 35.16%, a 10% Section 232 timber tariff was added in October 2025, and the 10% global tariff applies to non-CUSMA goods. Combined effective burden for most producers exceeds 45%. A preliminary April 2026 review proposed reduction to ~24.83%, pending final determination. Canada has multiple WTO and CUSMA legal challenges active.

Baseline

Measures that existed before the 2025 trade escalation.

Softwood Lumber CVD/AD Duties (Pre-2025 Baseline)

Baseline
Rate ~14.54% combined for 'all others' producers
Products Softwood lumber
Effective Jan 3, 2018
Exemptions Rates varied by producer; ~14.54% was the broad 'all others' combined rate in late 2024
CUSMA Not covered by CUSMA — subject to separate bilateral dispute

CVD/AD duties on Canadian softwood lumber have existed in various forms since the 1980s. Rates fluctuated through periodic administrative reviews. By late 2024, the broad 'all others' combined rate was approximately 14.54%.

In Force

Measures currently active since the 2025 escalation.

Softwood Lumber CVD/AD — 2025 Rate Increase to 35.16%

In Force
Rate 35.16% combined (CVD 14.63% + AD 20.53%) for 'all others'
Baseline ~14.54% combined (late 2024)
Products Softwood lumber
Effective Aug 15, 2025
Exemptions Rates vary by producer: Canfor 47.59%, West Fraser 26.47%, all others 35.16%
CUSMA Not covered by CUSMA — subject to separate bilateral dispute

The 2025 administrative review sharply increased combined CVD/AD duties from ~14.54% to 35.16% for most producers. An 8th administrative review (April 2026) proposed a preliminary reduction to ~24.83%, but final determination is still pending as of August 2026.

Section 232 Tariff on Timber and Softwood Lumber (10%)

In Force
Rate 10% (30% on upholstered wooden furniture, 50% on cabinets/vanities from Jan 2026)
Baseline 0%
Products Timber (logs), softwood lumber, certain wood products
Effective Oct 14, 2025
CUSMA CUSMA does not override Section 232

Stacks on top of the existing CVD/AD duties. Combined effective burden for most producers exceeds 45%. Cabinets and vanities face 50% rate from January 2026.

10% Global Tariff on Non-CUSMA Goods

In Force
Rate 10%
Baseline 0%
Products All Canadian goods not qualifying for CUSMA preferential treatment
Effective Feb 24, 2026
Exemptions CUSMA-compliant goods are exempt
CUSMA Replaces IEEPA tariffs after Supreme Court ruling. CUSMA compliance is the dividing line.

Replaced the IEEPA 25%/10% tariffs struck down by the Supreme Court in February 2026. Lower rate but broader legal footing. Businesses that paid IEEPA tariffs between Feb 2025 and Feb 2026 became eligible for refunds.

Section 301 Tariff — Forced Labor Enforcement (10%)

In Force
Rate 10%
Baseline 0%
Products All Canadian goods not entered under USMCA preference
Effective Jul 24, 2026
Exemptions USMCA-claimed goods are exempt. Raw materials where domestic supply unavailability exists are also exempt. Major oil and gas exemptions.
CUSMA USMCA-compliant goods exempt

Applied to 60 countries, not Canada-specific. USTR determined Canada has not effectively enforced its forced labor import prohibition. Stacks on top of other tariffs for non-CUSMA goods. Energy products have major exemptions.

Forecast

Threatened, announced, or scheduled — not yet in force.

CUSMA/USMCA Joint Review — U.S. Declines to Extend

Under Negotiation
Products All goods covered by CUSMA/USMCA
CUSMA The agreement itself is under review. U.S. declined 16-year extension, triggering annual reviews until 2036 expiry.

On July 1, 2026, the U.S. declined to confirm extension. Agreement remains fully in force but faces annual review. Canada has not yet begun substantive text-based negotiations with the U.S. This creates structural uncertainty for all cross-border trade.

Canadian Response

Actions Canada has taken or is pursuing.

Canadian Response

CUSMA/WTO Legal Challenges on Softwood Lumber Duties

Legal

Canada has filed disputes through WTO, CUSMA Chapter 10, NAFTA Chapter 19, and the U.S. Court of International Trade challenging countervailing and anti-dumping duties on softwood lumber.

Announced Aug 28, 2025
Status In Force
Responds to Softwood Lumber CVD/AD — 2025 Rate Increase to 35.16%

Latest News

Sep 1, 2026 · Tissue Online North America
Paper and Tissue Importers Face 25–50% Tariffs on U.S. Goods

Canadian counter-tariffs scheduled for September 8 include 25% duties on U.S. toilet paper and several tissue products, while some facial-tissue stock and school or office paper products face 50%. Canadian importers now have to assess landed costs and alternative suppliers across an integrated North American paper market.

Aug 29, 2026 · Globe and Mail / CBC News
Canadian Banks Beat Q3 Estimates; RBC Cites Limited Tariff Exposure

RBC, TD, and CIBC reported third-quarter profits above analyst estimates. RBC CEO Dave McKay said more than 80% of Canadian exports remain duty-free and the average effective tariff rate is approximately 6%. TD said it holds about C$500 million in reserves for policy and trade risks.

Aug 28, 2026 · Oxford Economics
Oxford Economics: Latest Tariff Escalation Could Cut Canada's 2027 GDP by 0.3 Points

Oxford Economics estimates the latest U.S. tariff escalation and Canadian counter-tariffs could leave Canada's real GDP 0.3 percentage points below its August baseline in 2027 and lift consumer prices by 0.3 percentage points. The forecast is an estimate, not an observed result.

Aug 28, 2026 · Statistics Canada
Canada's Q2 GDP Grew 3.3% Annualized — Strongest Since 2023 — As Trade War Escalated

Canada's real GDP grew 0.8% in the second quarter of 2026, equivalent to a 3.3% annualized rate and the strongest quarterly expansion since 2023. Final domestic demand rose 1.0%, June GDP increased 0.3%, and Statistics Canada's preliminary estimate indicated little change in July.

Jul 24, 2026 · PwC CanadaUpdate
Section 301 Tariff Hits Canada and 59 Other Countries Over Forced Labor

USTR imposed a 10% tariff on Canadian goods under Section 301, citing failure to enforce forced labor import prohibitions. Not Canada-specific — 60 countries affected. USMCA-compliant goods are exempt.

Jul 1, 2026 · White & Case / USTRUpdate
U.S. Declines to Extend CUSMA, Triggering Annual Review Process

At the mandatory six-year joint review, the U.S. declined to confirm a 16-year extension of CUSMA/USMCA. The agreement remains in force but faces annual reviews until 2036. Canada has not begun substantive text-based negotiations with the U.S.

Feb 1, 2026 · Multiple / Wikipedia timelineUpdate
U.S. Supreme Court Rules IEEPA Cannot Be Used to Impose Tariffs

The Supreme Court held that IEEPA does not authorize the President to impose tariffs, invalidating the legal basis for the 25–35% broad tariffs on Canadian goods that had been in force since February 2025. CBP stopped collecting IEEPA tariffs on February 24. Importers became eligible for refunds.

Sep 11, 2025 · Global Affairs Canada
Canada Launches CUSMA Chapter 10 Challenges on Softwood Lumber

Canada filed CUSMA Chapter 10 challenges against U.S. anti-dumping (Aug 28) and countervailing (Sept 11) duties on softwood lumber. Multiple legal venues being pursued simultaneously including WTO, NAFTA Chapter 19, and U.S. Court of International Trade.

Aug 15, 2025 · U.S. Commerce Department / Wood CentralUpdate
Softwood Lumber Combined Duty Rate Rises to 35.16% After Administrative Review

The 2025 administrative review sharply increased combined CVD/AD duties on Canadian softwood lumber from 8.05% to 35.16% for most producers. Canfor faces 47.59%. These rates stack on top of the separate 10% Section 232 timber tariff.

Consumer Impact

Related product categories and price pressure.

Lumber & Building Materials
Trend rising
YoY +14%
Exposure high
Future increasing