The U.S. Commerce Department is doubling the tariff on softwood lumber imported from Canada to 18.32 percent. The hike is coming at a time of record lumber prices in the U.S. and a growing housing shortage. The tax hike will hurt American consumers more than it will help U.S. forestry workers since demand exceeds supply. China intends to put price controls on corn and other commodities to protect consumers. Producers will still receive guaranteed minimum prices, but intermediaries will not be able to charge higher prices. Typically, supply shortages are created when prices are held artificially low, but that assumes a market economy. China recently expressed interest in joining the Comprehensive and Progressive Agreement for Trans-Pacific...

TAGS – China, North America