Fairfield, N.J. June 13, 2018 – Lew Weiss, MFG Talk Radio host and President of All Metals & Forge Group, appeared on Mornings with Maria on Fox Business. Weiss broke down the effects that steep tariffs on steel and aluminum will have on both manufacturers and consumers. The United States government enforced a 25% tariff on steel and a 10% tariff on aluminum imports.
President Donald Trump announced that he would impose heavy tariffs on steel and aluminum from three of the United States’ biggest trading partners: Canada, Mexico, and the European Union. The President’s plan is causing deep concern among allies who fear the tariffs will result in trade wars. These steel and aluminum tariffs will influence many stakeholders in the United States economy. While the tariffs could potentially benefit the domestic aluminum and steel industries, leading to higher prices and expansion, the tax will also negatively impact general consumers and industries like manufacturing and construction.
The EU Trade Commissioner is concerned that the situation will escalate and turn into a trade war. Weiss claimed, “It’s ominous and probably worse than what [the EU Trade Commissioner] is predicting.” He continued to say, “making enemies with our friends is not a wise idea.” Most countries in today’s day and age, the United States included, rely on other countries for exports. The steel and aluminum expert stated, “depending on logistics, it might be easier to get aluminum from Brazil than Ohio. To impose a tariff against our closest trading partner makes absolutely no sense.”
Similar situations have happened in the past, five times, to be exact, and according to the President of All Metals & Forge Group, “it’s always failed.” Most recently, with George W. Bush, which resulted in the loss of 230,000 American jobs in two years.
“We’re going to lose 400,000 people if they keep it in place,” Weiss predicted. In the end, the consumer will end up suffering, “We are all going to pay the price, and we’ll wind up losing jobs.”
The Trump administration claims that this is an issue of national security, which Lew finds hard to believe. Overall, the steel and aluminum tariffs will lead to inflation. Weiss said, “it’s already started, with minor upticks in price index in the last two weeks. These new tariffs will absolutely have an impact on our standard of living.”
About All Metals & Forge Group:
All Metals & Forge Group is a manufacturer of open die forgings and seamless rolled rings, a certification it obtained and has held since 1994. All Metals & Forge Group was one of the first companies in its industry to obtain an ISO Certificate of Registration since the company’s founding in 1972. Manufacturing Talk Radio is a weekly live Internet Talk Radio show broadcast to manufacturers of all sizes across America. Show host, Lew Weiss, and co-host, Tim Grady, present breaking news and tackle business trends and economic forecasts in manufacturing for small, medium and large manufacturers across America.