TORONTO-Recovering from work stoppages related to the COVID-19 pandemic, Americans are in the midst of an unprecedented consumption frenzy, which is pushing up prices and hampering global supply chains.

George Calhoun, a professor at Stevens Institute of Technology in New Jersey, explained to CTV National News: “We have restarted this huge economy from a low point about a year ago, and it has risen straight up like a rocket.”

The surge in demand is pushing up the cost of everything from food to furniture. Recently, Starbucks reported that it had trouble sourcing raw materials.

However, one of the biggest shortages is raw materials such as wood, most of which are imported from Canada.

“Have you seen such violent fluctuations in timber prices?” asked Ken Simonson, chief economist of the American General Contractors Association. “It’s crazy.”

During the pandemic, due to production restrictions and housing booms, blocked countries were eager to find new residences or renovate existing homes, and timber prices tripled.

According to Pattie Lovett-Reid, chief financial commentator for CTV News, demand for wood is still soaring. Long-term supply issues This will not be solved overnight.

In addition to rising costs, consumers are also facing the Trump-era tariffs on Canadian timber, which the Biden administration now hopes to double.

In 2018, the The Trump administration imposes a 20% tariff Canadian softwood, before the COVID-19 pandemic, but after the World Trade Organization made a decision, reduced it to 9% at the end of last year.

U.S. industry analysts said tariffs and timber costs have added an additional $35,000 to the price of new homes. This number is too high, and Habitat for Humanity is worried that its philanthropy may be priced.

“We are seeing an overall increase of about 50% in all supplies,” said Leah Miller, CEO of Habitat for Humanity in Greater Sacramento. “We have to be very flexible and find creative ways to get busy.”

The United States is not the only country to impose new tariffs on foreign materials. In May, the Canadian Border Services Agency set Impose high anti-dumping duties on leather upholstered furniture Made in China and Vietnam, it is as high as 295% and 101% respectively.

Senior officials downplayed concerns about rising costs and inflation, insisting that prices will stabilize when the pandemic is no longer an economic problem, but lawmakers are under tremendous pressure from homebuilders and other industries to reduce tariffs.

U.S. Treasury Secretary Janet Yellen told a House Committee on Thursday: “We have experienced months of high inflation, and most economists, including me, believe that as our economy fully recovers after the pandemic, This will be temporary.”

The White House has since set up a task force to deal with severe supply chain disruptions, but officials said they believe the problem will resolve itself within the next few months.