Dollar stumbles after Trump says US will tax softwood lumber

US President Donald Trump

The Canadian dollar is down more than .5 of a cent today, after US President Donald Trump said the United States will levy a 20% tax on Canadian softwood lumber imports yesterday. The dollar is trading at less than 73.5 US cents after closing Monday at 73.99 US cents. 80% of Canadian softwood lumber is exported to the US and has been a longstanding source of conflict between the two countries. The US says Canadian softwood lumber is harvested from crown land, so it is subsidized. Canada says the lumber is sold at market rates and no subsidy exists.

An announcement is expected later this week, possibly coming today, that imposes the new 20% tax.

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