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U.S. Industry Rejects Canadian Proposal on Lumber Market Share

(Josh Wingrove & Natalie Wong – Bloomberg)

The U.S. lumber industry says it won’t accept the latest Canadian government proposal for a deal on softwood lumber, downplaying expectations any agreement is imminent.

Canada’s ambassador to Washington said in an interview this week the sides are close to an agreement on a deal that would cap Canada’s share of the U.S. lumber market at 30 percent, but remained at odds over what will happen if U.S. producers can’t fulfill their 70 percent share.

The comments by David MacNaughton to The Canadian Press news agency come as U.S. Commerce Secretary Wilbur Ross pushes to reach a deal ahead of North American Free Trade Agreement talks due to begin Aug. 16. U.S. industry, however, must approve any deal and is signaling there is nothing imminent. Click here to read more.

Related: The Big Holdup in a Canada-U.S. Lumber Deal? Russian, German, Brazilian Wood (CP)