Last week, President Trump signed an order to impose 25% tariffs on steel and aluminium entering the country, with exemptions for Mexico and Canada.
The European Steel Association (EUROFER) blasted the move, saying it would be “damaging and counterproductive for both the US and EU economies”.
A letter from Brighton Best International (BBI), posted on Fastener News Desk, noted the confusion in the fastener industry over whether the new tariffs will affect fastener product. According to BBI's trade lawyers, the import duty codes will not affect finished fastener products, affecting raw materials such as sheets, plates, pipes, etc.
Weeks ahead of the order being signed, the Ohio-based Industrial Fastener Institute (IFI) wrote to the President, urging him him not to go ahead with the then-proposed steel tariff. Also shared on Fastener News Desk, the letter warned of the "potential negative effects on the US fastener manufacturing industry". It went on to say the negative effects on "downstream consumers of steel and aluminium far outweigh any benefits that may be afforded to the domestic metals industry" adding they may result in "more harm than good".
IFI's warning has been echoed elsewhere, including in Fortune Magazine, which pinpointed negative effects on the US automotive and aerospace industries, potentially leading to higher prices than those offered by overseas competitors.
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