Tariffs could hurt US producers and jobs, experts warn
Updated:7 years, 8 months ago
New Delhi, Mar 03 (ANI): Some CEOs and economists say the import tariffs on steel and aluminum that President Trump vows to impose could hurt the U.S. economy by raising prices and destroying jobs. The tariffs on imported steel and aluminum that President Donald Trump vows to impose could offer relief for those US industries. But some CEOs and economists say they'll hurt the U.S. economy by raising prices and inviting retaliation against U.S. exporters. And some experts say tariffs will destroy more jobs than the import curbs create. Companies may have to pay higher prices for those metals. Construction and car makers are the heaviest users of steel. The American International Auto Dealers Association warns, consumers could end up paying more for cars and trucks. Construction equipment maker Caterpillar says most of the steel it uses is domestic. But it fears the tariffs could push up domestic steel prices along with prices of imported steel. That, the company says, would put it at a disadvantage versus foreign competitors.
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