'He's in our hearts': Family and friends still seek answers one year after Nathan Wise’s disappearance
It’s been a year since Nathan Wise went missing and his family is no closer to finding out what happened to him.
Roaring back from shutdowns related to the COVID-19 pandemic, Americans are on an unprecedented spending spree that is driving up prices and hampering global supply chains.
“We’ve got this huge economy restarting from a low point that it hit about a year ago, and it’s coming straight up like a rocket,” George Calhoun, a professor at Stevens Institute of Technology in New Jersey, explained in a recent interview with NBC News.
The surge in demand is driving up the costs of all sorts of products from food to furniture. Most recently, Starbucks reported that it has been having trouble sourcing its ingredients.
However, one of the biggest shortages is for raw materials like lumber, much of which is imported from Canada.
When asked if he’s ever seen such a wild swing with lumber prices, Ken Simonson, chief economist for the Associated General Contractors of America replied: “It’s crazy.”
He added that the Trump-era tariffs on Canadian lumber that the Biden administration wants to double is a real concern:
“That has certainly added some kindling to the fire on these lumber prices... As buyers of your products, the construction industry wants to see that tariff go away.”
Lumber prices tripled during the pandemic due to constraints on production and a housing boom that had a locked down nation eager to find a new place to live or renovate their existing residence.
According to CTV News' Chief Financial Commentator Pattie Lovett-Reid, there is still soaring demand for lumber and long-term supply issues that won’t be resolved overnight.
In addition to the rising costs, consumers are also faced with Trump-era tariffs on Canadian lumber that the Biden administration now wants to double.
In 2018, the Trump administration imposed a 20 per cent tariff on Canadian softwood, before the COVID-19 pandemic hit, but lowered it to nine per cent late last year after a decision by the World Trade Organization.
U.S. industry analysts say tariffs and lumber costs add an extra US$35,000 to the price of a new home. That figure is so steep, Habitat for Humanity worries its charity could be priced out.
“We’re seeing an increase of about 50 per cent across the board of all supplies,” saidLeah Miller, CEO of Habitat for Humanity of Greater Sacramento. “We’re having to be very nimble and find creative ways to get busy.”
The U.S. is not alone in slapping new tariffs on foreign materials. In May, the Canada Border Services Agency set steep anti-dumping tariffs on leather-upholstered furniture manufactured in China and Vietnam, as high as 295 per cent and 101 per cent, respectively.
Top officials are downplaying the fears of rising costs and inflation, insisting that prices will stabilize when the pandemic is no longer an economic problem, but lawmakers are coming under intense pressure from home builders and other industries to cut tariffs.
“We have had several months of high inflation that most economists, including me, believe will be transitory as our economy gets back in full swing after the pandemic,” U.S. Treasury Secretary Janet Yellen told the House of Representatives Committee on Thursday.
The White House has since launched a task force to deal with critical supply chain disruptions, but officials say they are confident that the issue will resolve itself in the coming months.
It’s been a year since Nathan Wise went missing and his family is no closer to finding out what happened to him.
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The fire burning near Fort McMurray grew from 25 hectares to 5,500 hectares over the weekend.
Russia’s President Vladimir Putin began a Cabinet shakeup on Sunday, proposing the replacement of Sergei Shoigu as defence minister as he begins his fifth term in office.
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Health Canada announced various product recalls this week, including electric adapters, armchairs, cannabis edibles and vehicle components.
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An Ottawa pizzeria is being recognized as one of the top 20 deep-dish pizzas in the world.
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A small Ajax dessert shop that recently received a glowing review from celebrity food critic Keith Lee is being forced to move after a zoning complaint was made following the social media influencer’s visit last month.
The Canada Science and Technology Museum is inviting visitors to explore their poop. A new exhibition opens at the Ottawa museum on Friday called, 'Oh Crap! Rethinking human waste.'
The Regina Police Service says it is the first in Saskatchewan and possibly Canada to implement new technology in its detention facility that will offer real-time monitoring of detainees’ vital health metrics.
Just as she had feared, a restaurant owner from eastern Quebec who visited Montreal had her SUV stolen, but says it was all thanks to the kindness of strangers on the internet — not the police — that she got it back.