05:17:44 EDT Tue 22 Oct 2024
Enter Symbol
or Name
USA
CA



West Fraser Timber Co Ltd
Symbol WFG
Shares Issued 78,518,053
Close 2024-09-10 C$ 119.18
Market Cap C$ 9,357,781,557
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Globe says Canfor, rivals see U.S. hike softwood duties

2024-09-10 06:34 ET - In the News

See In the News (C-CFP) Canfor Corp

The Globe and Mail reports in its Tuesday, Sept. 10, edition that Canada has commenced two new legal challenges in its dispute with the United States over softwood lumber. The Globe's Steven Chase writes that this comes after Washington nearly doubled the punitive duties it imposes on Canadian timber imports in August. International Trade Minister Mary Ng announced on Monday that the Canadian government would contest the results of the U.S. Department of Commerce's fifth softwood lumber review. The United States has been claiming since the early 1980s that Canada subsidizes and dumps its softwood lumber products in the U.S. In August, Washington significantly raised the duty it imposes on Canadian companies shipping softwood lumber to the U.S., setting the rate at 14.54 per cent, up from 8.05 per cent. According to the BC Lumber Trade Council, Canadian lumber producers have already paid the U.S. over $9-billion in duties. This money is held in deposit until the latest dispute is resolved. Ms. Ng stated that Canada initiated two legal challenges under the United States-Mexico-Canada Agreement (USMCA) regarding the U.S. Commerce Department's review and the deliberations leading to the latest duty increase on Monday.

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