1412 ET - Trump's new 50% tariffs should only affect a narrow slice of Canadian forest-product exports, says TD Cowen's Sean Steuart. He says in a report that major Canadian forest products are "seemingly exempted from the annex list provided by the U.S. government," and that only a few equities will likely be exposed to potential Section 338 tariffs. Steuart says the tariffs apply mainly to paper packaging, tissue, and certain specialty engineered wood products, while major Canadian exports like softwood lumber, OSB, and market pulp are excluded. He notes that KP Tissue is the most exposed, while Cascades and West Fraser Timber are only marginally exposed to the tariffs. (adriano.marchese@wsj.com)

(END) Dow Jones Newswires

July 21, 2026 14:12 ET (18:12 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.