Randy Noel, chairman of the National Association of Home Builders (NAHB) and a custom home builder from LaPlace, La., today issued the following statement after President Trump threatened to impose tariffs on an additional $267 billion worth of Chinese goods:

“Though well-intentioned, President Trump’s threat to slap an additional $267 billion worth of tariffs on Chinese goods will be counterproductive by raising costs for millions of American consumers and businesses that rely on these products, including home builders. These tariffs would be in addition to $200 billion worth of proposed tariffs that are already in the pipeline and could act as a tax increase of up to $2.5 billion on the residential construction industry.

“Currently, tariffs on steel imports and Canadian lumber shipments into the U.S. are needlessly increasing the cost of building materials and exacerbating the housing affordability crisis. Rather than escalating the situation, NAHB respectfully urges the administration to move quickly to resolve these trade disputes in a manner that won’t tax American workers and consumers.”