The U.S. and U.K. reached a Section 232 trade agreement which will lower tariffs on steel and aluminum imports from the UK. The agreement is based on a tariff-rate quota where the rate for steel (25%) and aluminum (10%) will be lowered to 0% until a quota has been reached, at which point the previous rate will set back in. This agreement will be effective June 1st, 2022.
Prices of construction materials used in new nonresidential construction jumped more than 21 percent from February 2021 to February 2022, according to an analysis by the Associated General Contractors of America of government data released today. The association noted that more recent price announcements made after the February data was collected suggest contractors are experiencing even worse cost pressures this Spring.