Local business reacts to potential steel and aluminum tariffs
(Mt. Vernon, Mo.) President Trump facing criticism at home and abroad after announcing plans to levy penalties on steel and aluminum imports. FOX5 spoke to a local business on how the imports would affect them.
(Mt. Vernon, Mo.) President Trump facing criticism at home and abroad after announcing plans to levy penalties on steel and aluminum imports.
FOX5 spoke to a local business on how the imports would affect them.
President Trump announced this week that the U.S.will impose tariffs of 25% on imported steel and 10% on imported aluminum.
Todd Cook is the Chief Financial Officer for T&C Stainless inc. and tells FOX5, "The biggest worry for me is not knowing either direction."
It's unclear whether any countries would be exempt from what would amount to a heavy new tax on imports for a local business like T&C Stainless Inc.
"I like to know exactly, I’m one of those that tries to details everything out and any unknown is hard in business."
Cook's family has been producing stainless steel for more than 20 years. They build vessels, reactors and fermenters solely for the pharmaceutical and biotech industry.
"If you’re a business person if you have an idea where it’s going to be, you can group and make it happen. The unknown is the scariest part."
Cook says they're still calculating how much the tariff could cost them and their customers.
"I was just talking to the sales floors this morning that they need to be just conscious that this could effect prices,don’t know which direction, don’t even know if they will effect the materials that we use but just to be on the cautious stage."
President Trump wants to help american metal manufacturers compete by charging a tax on imports , as foreign steel and aluminum flood the U.S. Market.
"It’s no different than ammunition was several years ago when we was under Obama. All he had to say is he was going to do something and people go out and panic buy. If you have people that go out and panic buy it’s going to disrupt the markets."
Trump has until April to decide how to handle any changes to trade policy on imported steel and aluminum.