American manufacturers believe that the Trump-era import tariffs are to blame for swelling inflation across the United States, a report says.
Press TV/WSJ: The administration of former president Donald Trump implemented tariffs on products including lumber, steel and semiconductors, claiming the move would protect American companies from cheap imported products from China and other countries.
However, US companies, which import the goods and pay the levies, have, for long, opposed the tariffs and now are pushing for the administration of President Joe Biden to lift them,
They contend that tariffs contribute to rising prices and product shortages that are accompanying the post-pandemic recovery.
Who’s looking out for the metal fabricators?
Domestic metal manufacturing companies appear to be paying the tab in the current trade war
Metal fabricators are trying to take advantage of increased business opportunities, but they are struggling with record-high steel prices and material availability in some instances. Ending the Section 232 steel tariffs would help, but is that what elected officials have in mind?
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With steel prices increasing to the point where they are triple what they were last August, eclipsing $1,600/ton in May, metal fabricating companies likely will need to have some serious conversations with customers. Of course, these are discussions that they’d rather not have, but they really have no choice.