(May 28): President Joe Biden pledged on Thursday toroot out anti-competitive business practices and ease construction materials shortages andtransportation backups that are causing price hikes across the country. In recent weeks, the United States has faced shortfalls and bottlenecks from lumber to computer chips to port cargo backlogs. Together with labor shortages, those issues are making homes, cars and consumer goods pricier and harder to get. Lumber shortages have sent prices skyrocketing, and homebuilders worry they could go still higher if the U.S. Commerce Department finalizes a preliminary decision that could double tariffs on Canadian wood imports. "We would like to see the president lift tariffs on key construction materials, including lumber, steel and aluminum," said Brian Turmail, a spokesman for the Associated General Contractors of America.

Source: The Edge Markets May 27, 2021 23:37 UTC