Bessent floats potential tariff exclusions for some construction supplies

Treasury Secretary Scott Bessent said Monday that President Trump may grant some exclusions on tariffs for home construction supplies, potentially offering relief to homebuilders. Why it matters: The housing market has stalled as the cost of purchasing has increased and supply has dwindled. High interest rates, as well price increases for construction materials for building, renovating, or repairing, have also contributed to a stagnant market. While housing prices have cooled off from their pandemic-era peak, Redfin estimated in June that there are approximately 500,000 more home sellers than buyers — but that most were still struggling to find an affordable mortgage. Driving the news: Bessent told The Washington Examiner on Monday that the president is considering "declaring a housing emergency in the fall." Bessent echoed Trump's talking point that interest rate cuts from the Federal Reserve would help the housing market and suggested that the Trump administration is looking at ways to standardize building and zoning codes, and to decrease closing costs for home buyers. "We're trying to figure out what we can do, and we don't want to step into the business of states, counties, and municipal governments," he told the Examiner.He offered no details on what other actions could be taken, including with the potential tariff exclusions. Flashback: Trump has been mulling lumber tariffs, and implemented some already on steel, copper and aluminum.The National Association of Homebuilders in January urged Trump to exempt building materials from his proposed tariffs, citing how harmful the cost increase would be for housing affordability. The NAHB's homebuilder sentiment index, considered a good predictor of future housing starts, has plummeted since then to the lowest levels since late 2022.

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