U.S. and Canada Reach Tentative Agreement on Softwood Lumber
The Office of the U.S. Trade Representative today announced that the U.S. and Canada have reached a tentative agreement to resolve the longstanding softwood lumber dispute.
According to the agreement, the U.S. will agree to return about 80% of the US$5 billion in countervailing duties collected since May 2002. The agreement provides that Canada's share of the U.S. lumber market will be capped at the current 34% level and the Canadian Government would impose an export tax when North American lumber prices fall below a certain level. Under the agreement, both sides will agree to withdraw the various lawsuits that have been filed, including those in the World Trade Organization.
|posted by Douglas N. Jacobson| Permalink 
