T
he latest trade developments have injected uncertainty into the building industry and the economy. Meanwhile, the National Association of Realtors (NAR) is celebrating two federal housing bills that aim to support homeownership.

    Key points:

    * The Trump administration has imposed new tariffs on 70 countries, with most having until August 7 to reach trade agreements.

    * Stocks plummeted on Friday following the announcement and a weaker-than-expected jobs report.

    * NAR is praising President Donald Trump for signing the VA Home Loan Program Act into law, which provides relief to veteran homeowners and those at risk of homelessness.

    * A bipartisan housing bill, the Renewing Opportunity in the American Dream (ROAD) to Housing Act, has cleared its first hurdle in the Senate Banking, Housing and Urban Affairs Committee.

    The new tariffs on 70 countries will take effect next week, with Canada facing a 35% tariff. Builders have warned that these tariffs could increase new home costs by thousands of dollars. The deadline for Mexico to reach a trade deal with the U.S. has been extended for 90 days.

    The VA Home Loan Program Act provides assistance to veterans who are more than 90 days late on their mortgage payments and funds grants and community agencies targeting veteran homelessness. NAR is backing this bill, calling it a "critical step forward" in ensuring that distressed veteran homeowners have access to a proven and sustainable loss mitigation solution.

    The ROAD to Housing Act aims to address the full spectrum of housing needs while prioritizing pathways to homeownership for American families. It includes provisions such as easing regulations around zoning, fast-tracking environmental reviews, and providing local grants; increasing homeownership through access to smaller mortgages and savings assistance for families; investing in innovative approaches to housing; and providing disaster relief.