Update: On April 9, 2025, President Trump authorized a 90-day pause on imposed tariffs and substantially lowered reciprocal tariffs during this period, both effective immediately.
On April 2, 2025, President Trump took historic action and imposed tariffs aimed “to strengthen the international economic position of the United States and protect American workers.”
Here are key details from the President’s announcement:
- On April 5, 2025, at 12:01 a.m. ET, a 10 percent tariff will apply to all countries.
- Individualized reciprocal tariffs will be imposed on countries suggested to have the largest trade deficits with the U.S. beginning April 9 at 12:01 a.m. ET, while an additional 25 percent tariff will apply to goods from Canada and Mexico.
The President also announced a detailed list of exemptions, including steel, aluminum, copper, semiconductors, lumber articles, certain critical minerals and energy products. Certain exempted products could be subject to tariffs in the future.
Tariffs will remain in effect until such a time as the President determines “that the underlying conditions described above are satisfied, resolved or mitigated.”
How do tariffs impact rental housing?
Used as a revenue source and a tool for shaping international relations with the U.S., a tariff is a fee that a government imposes on imported goods before they can enter the country. The National Association of Home Builders estimates that goods valued at $204 billion were used in single-family and multifamily housing construction in 2024 with 7 percent of those goods originating outside of the U.S. Canadian sawmill and wood products totaled $5.9 billion, while Mexican lime and gypsum products (used for drywall) totaled $354 million in 2023.
The National Apartment Association (NAA) continues to monitor this situation closely as there is concern that tariffs could ultimately impact prices for goods within the U.S., including those used in the development and operation of rental housing. NAA looks forward to working with the Trump Administration on our shared goals of boosting housing supply and increasing renters’ access to quality, affordable rental housing.
To learn more about NAA’s federal regulatory advocacy, contact [email protected].