35% steel tariff would make housing up to 2.2% more expensive in Colombia, Camacol warns
The Colombian government's decision to impose a 35% tariff on imports of iron, steel, and metalworking products has already set off alarms in the construction sector...
TL;DR
- Camacol warns that a new 35% tariff on steel imports will increase housing production costs in Colombia.
- The price of housing could rise by approximately 2.2% due to the tariff.
- The construction sector has seen 33 consecutive months of decline in building activity.
- Iron and steel constitute about 16.3% of direct construction costs.
- The tariff is intended to protect Colombia's national steel industry from imports from countries like China, Russia, Turkey, and India.
- The measure is set to take effect on April 1st and will last for one year.
- The construction industry generates over one million direct jobs in Colombia.