Colombia will impose a 35% tariff on steel imports from countries with which it has not signed a free trade agreement (FTA). The Colombian Chamber of Construction (Camacol) warns this will directly impact the construction industry, thereby restricting housing supply.

Camacol states that steel costs account for approximately 16.3% of construction costs, and the new tariff will increase this cost by about 3.9%, ultimately leading to a 2.2% increase in house prices.

The construction industry is already facing severe challenges, with new home supply declining for 33 consecutive months, impacting investment and employment. The government is striving to secure 50,000 jobs in the steel industry, but the construction sector has already lost over 136,000 jobs.

The association points out that there is no clear evidence of steel dumping, and the government's decision lacks justification. Therefore, it urges the authorities to reconsider the tariff. The association is also considering legal action to block the measure.