Back in July of last year, proposed tariffs were announced for a series of imports from China.
Essentially, this plan was three parts, with the third part affecting our industry the most. Of these 5,745 items in phase three, about 450 are used in your day-to-day construction in some capacity. To see the full list of affected imports, please click here.
Outside of these new tariffs were those on steel and aluminum imports, many of which led brands to increase their costs accordingly last year. Initially, these were tariffed at 10% for the remainder of 2018.
As of May 10, 2019, the new tariffs are officially rolling into the cost of imported goods, increasing an additional 15% for a total tariff of 25%. All that being said, many of our brands have announced 15% increases to us and in turn, many of our prices will be increasing to accommodate this.
Obviously, there are a lot of moving pieces at play here. We’ll do our best to communicate and share updates as we receive them.
June 5, 2019 at 8:53 am
It would be helpful to know which products are affected the most by the tariff actions to get ahead of the curve a bit.
June 5, 2019 at 9:10 am
As it sits now, we have heard from our various screw and nail vendors and all are having to increase their costs. As we hear of more, we’ll be sure to pass that information along at the store level too.