U.S. to Impose Stiff Tariffs on Steel and Aluminum

Filed in Capitol Hill by on March 1, 2018 2 Comments

steelPresident Trump today said he would impose tariffs of 25% on steel imports and 10% on aluminum imports.

Speaking to steel and aluminum executives at the White House, Trump said the tariffs will go into effect next week and last for “a long period of time.”

These tariffs will translate into higher costs for consumers and U.S. businesses that use these products, including home builders.

In an official statement, NAHB Chairman Randy Noel said:

“Given that home builders are already grappling with 20% tariffs on Canadian softwood lumber and that the price of lumber and other key building materials are near record highs, this announcement by the president could not have come at a worse time.

“Tariffs hurt consumers and harm housing affordability,” Noel added. “We hope the administration will work quickly to resolve these trade disputes regarding lumber and steel so that businesses and consumers have access to an adequate supply at a fair market price.”

The White House argues the tariffs are needed to protect domestic steel and aluminum industries from foreign nations that are dumping these products into the U.S. at artificially low prices and harming domestic manufacturing firms.

Free trade proponents are fearful this action by the administration could trigger a costly trade war that could raise costs for a variety of goods and services and slow domestic and global economic growth.

For additional information, contact David Logan.


Comments (2)

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  1. TP says:

    Nothing like shooting the economy in the foot just as it was running along.

  2. Buchanan says:

    What happened to the free market property? Between this and a lot of work to re-loosen banking regulations put in place after the crash, I’m a little worried about what this means for our industry heading into the future.

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