US imposes 50% tariffs on selected Canadian forest products

研报英文原文证据摘录

US imposes 50% tariffs on selected Canadian forest products

Update

July 21, 2026 07:40 AM GMT

Morgan Stanley & Co. International plc+MPaper & Packaging | Europe Ioannis Masvoulas, CFA

Equity Analyst

US imposes 50% tariffs on Ioannis.Masvoulas@morganstanley.comRMB Morgan Stanley Proprietary Limited+ +44 20 7425-0427

Brian Morgan

Equity Analystselected Canadian forest Brian.Morgan3@rmbmorganstanley.com +27 11 587-0803

Paper & Packagingproducts

Europe

Industry View In-Line

Key Takeaways

A 50% tariff will apply to selected Canadian wood, pulp and paper products from

Aug 19; Section 232 goods such as lumber are excluded from additional tariffs.

Exposure is broadest in panels, engineered wood, paper and packaging; but

commodity market-pulp impact appears limited to dissolving wood pulp.

Equity implications: EU consumerboard exporters such as Stora Enso and

domestic producers such as SW and Sappi should see improved competitiveness

vs Canada.

What’s new?: The US administration will impose an additional 50% ad valorem

tariff on selected Canadian products from August 19, 2026. Although the action

responds to Canada’s treatment of US motor vehicles, Annex II includes a broad

range of forest products:

• Wood categories include selected sawnwood and veneer, mouldings,

particleboard, MDF, plywood, builders’ joinery and other downstream wood

products.

• Paper and packaging coverage includes selected uncoated and coated

papers, tissue products, envelopes, labels, stationery, corrugated boxes,

paper sacks and other packing containers.

• Pulp exposure appears narrower: Annex II includes dissolving-grade chemical

wood pulp under HTS 4702, but does not list the principal headings used for

standard chemical market pulp.