Summary
Treasury Secretary Scott Bessent announced that President Trump might exclude some home construction supplies from tariffs, which could help homebuilders. This consideration comes as the housing market faces challenges like high costs and low supply.
Key Facts
- Treasury Secretary Scott Bessent discussed possible tariff exclusions for home construction supplies.
- The goal is to help homebuilders facing high costs and low supply in the housing market.
- The housing market is slow due to high-interest rates and expensive materials.
- There are about 500,000 more home sellers than buyers, with many struggling to afford mortgages.
- President Trump might declare a "housing emergency" later this year.
- The administration is considering lowering closing costs and standardizing building codes.
- The National Association of Homebuilders has pushed for an exemption from proposed tariffs.
- The homebuilder sentiment index has dropped to its lowest point since late 2022.
