President Trump and Prime Minister Trudeau discussed their countries’ softwood lumber trade in a recent call. That suggests the ongoing trade case will not be caught up in NAFTA renegotiations as previously thought. U.S. imports of softwood lumber from Canada climbed 28% on a year earlier in December, but likely reversed with a 62% drop in January as producers seek to avoid retrospective tariffs. The most conservative stance has been taken by Interfor, which cut seaborne shipments by 63% in January vs. December.