Quotes
The combination of fresh tariffs, Powell's testimony, and key inflation data creates a perfect storm for market volatility,
Lukman Otunuga, senior analyst at FXTM, said in an e-mailed statement What this means is that U.S. steel and aluminum prices will be substantially higher than world prices for the foreseeable future,
Gary Clyde Hufbauer, a nonresident senior fellow at the Peterson Institute for International Economics, told Xinhua That spells harm for a large number of downstream industries that use steel and aluminum. Those downstream industries employ about 10 times as many workers as the steel and aluminum industries,
I expect the same outcome, but worse, this time,
said Hufbauer of the Peterson Institute for International Economics In the short-term we will be paying more for steel and aluminum and everything made with them, most importantly cars,
Dean Baker, a senior economist at the Center for Economic and Policy Research, told Xinhua So iPhones, iPads, tablets, laptops -- all of that from Apple would now be hit, which is kind of a big escalation compared to how consumer goods were shielded from most of the first trade war tariffs,
says Erica York, vice president of federal tax policy at the Tax Foundation The tariffs Trump imposed during his first term were more targeted. This time around, more Americans will feel the impact. Among the imports affected are a whole slew of consumer goods, including footwear, toys, video game consoles and electronics,
according to a report by National Public Radio The damage will extend beyond just the steel and aluminum sectors, impacting all businesses that rely on these materials throughout the supply chain,
Foreign customers are shifting their supply chains away from U.S. producers. Once removed, especially for smaller, family-owned businesses, it is difficult to regain that lost business,
We are the US’s closest ally. Our economies are integrated. Canadian steel and aluminum are used in a number of key US industries, whether it is defence, shipbuilding, manufacturing, energy, automotive,
I deeply regret the US decision to impose tariffs on European steel and aluminum exports,
Ursula von der Leyen, the president of the European Commission, reaffirmed in a social media post Small businesses run on very small margins. And so a 25-percent increase in any product is going to hurt,
Sandra Payne, an owner of Denver Concrete Vibrator, which imports steel and other raw materials, told The Associated Press news agency We were being pummelled by both friend and foe alike,
Trump said as he signed the orders on Monday Unjustified tariffs on the EU will not go unanswered - they will trigger firm and proportionate countermeasures,
I don't mind."
Asked about threats of retaliation by other countries against his new tariffs, Trump said The reality is, though, our suppliers have international sources for aluminum steel. So that price will come through and it may be a speculative part in the market where price would come up because the tariffs are even rumored.”
Tariffs such as these do nothing to enhance the automotive industry directly,
Steel producers have to find ways to increase capacity, and aluminum and steel might be in short supply in the short term,
said Sam Fiorani, analyst at AutoForecast Solutions, which studies the industry We’re concerned about the downstream effects on consumer products like automobiles,
said Glenn Stevens Jr., executive director of MichAuto, a state auto industry association Industries like automotive have built their entire financial plan based on sourcing products where they can; locally, if it’s possible, globally, if it makes the most sense,
