President Trump’s recently imposed 25% tariff on steel and aluminum imports is expected to impact profits for many manufacturers across the country.
While the steel and aluminum industries have shown improved performance over recent months, the imposition of these tariffs could lead to setbacks across the board.
Jeff French, national managing partner at Grant Thornton explains, “The proposed 25% tariff on steel imports and 10% tariff on aluminum imports would hit manufacturing especially hard and impact a wide variety of industries.”
Beyond the direct impact on manufacturers, experts suggest that the effects of the tariff will be felt by nearly every American, as prices for raw materials are expected to increase significantly.
According to Secretary of Commerce Wilbur Ross, the impact of the steel tariff, in particular, may result in higher prices for consumers. He says, “It is true that higher steel and aluminum costs could mean price increases for American consumers.”
At Acadian Industrial Textiles, we understand the effects this could have on your business and we are committed to helping you stay informed so that you can make the best decisions for your bottom line.
We will continue to provide information on these tariffs so our customers are kept up-to-date on the latest developments. Learn more about the latest expected impact of the steel and aluminum tariffs at The Hill and American Recycler.