MgA Entertainment Isaac CEO Larian says Donald Trump is a great president and at the same time expresses some concerns about Claman's countdown tariffs.
President Donald Trump It is expected to sign new executive orders on Monday that set up higher tariffs on steel and aluminum imports and open a new queue in their trade war that could stimulate retaliation.
The Trump event would deposit a new 25% of tariffs on all imports of steel and aluminum to the US to the top of existing tariffs on these metals and escalated its efforts to transform business policy.
The tariffs that are import taxincrease the costs of importers who usually pass on some or all of these costs to their customers. In the case of steel and aluminum, American companies rely strongly on imports and higher costs could hurt manufacturers and then consumers.
“The US economy has much more steel users than steel producers, which means that tariffs will endanger much more production jobs than they create,” said Eric York, vice president of federal tax policy in the tax foundation, Fox Business. “Looking at steel, tasks that use steel in the production process, exceed the tasks that produce steel 80 to 1
Trump's tariffs to Mexico and Canada will increase the prices for consumers; Experts offer details
President Trump indicated that he would sign an order increasing steel and aluminum tariffs by 25%. (Andrew Harnik / Getty Images)
She noted: “Car manufacturers, agricultural equipment, household appliances and machines used in oil, construction, and beverage and cutlery industries use metals as part of their production process.”
“When to apply tariffsWe increase the costs of imported metals and metals produced on the domestic market, which increases production costs in the United States for all this downstream industry. We should expect a clean decline in production and production production as a direct result of higher tariffs, ”said York.
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American companies are strongly relying on imports and higher costs could hurt manufacturers and consumers again. (You Wright / Bloomberg Via / Getty Images)
Ryan Young, an older economist at a competitive business institute, said Fox Business that cars and housing would probably be the two most difficult sectors because they represent about two thirds of steel use.
“If you are on the market with a new car or new house, expect to pay a few hundred dollars for the car on average, and several thousand dollars more for the house,” Young said, adding that higher prices for new cars will cause a used car to rise , because buyers are looking for cheaper alternatives.
He added that aluminum tariffs will also increase the prices of cars and houses, as well as companies in the beverage industry such as Coca-Cola, Pepsi and Breweries. Other everyday items made of aluminum, which are likely to see price increases include wheels, appliances and furniture.
What happens to Trump's tariffs to China, Canada and Mexico?
US manufacturers can face higher costs due to increased tariffs on steel and aluminum. (Andrew Magnum / Bloomberg Via / Getty Images)
About a quarter of all of all Steel used in the US It is imported, most of which come from neighboring Mexico and Canada, or close allies in Asia and Europe, such as Japan, South Korea and Germany.
Although China is the largest steel manufacturer in the world and exporter in the world, it is sent to the US very little due to 25% of the tariffs stored in 2018 that closed the most Chinese steel from the market. Last year, the country exported 508,000 pure tons of steel to the US, which was 1.8% of American steel imports.
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The US relies more on the import of aluminum, with approximately half of all aluminum coming from imports. The vast majority of American aluminum imports come from Canada, which last year exported 3.2 million tonnes of aluminum to the US last year – more than double in the next nine countries.
Reuters contributed to this report.
