New Tariff Policy on Steel Distress the Business in East Texas
The new tariff policy by President Trump on imports of steel and aluminum have commenced now to distress business in East Texas. According to the President of the Tyler Building Systems, Brad Curtis, reports that the prices for steel started to increase as soon as discussion related to placing tariffs on steel and aluminum commenced in Washington. Excluding the countries like Canada and Mexico, the 25% tariff has been exerted to imported steel, due to which the new taxes have obstructed more than just imported material, even Texas is asking for more. He further added that whatever price is set off by the competitor, any related business sets off nearly the same price. For domestic mills, they have foreign mills as their competitors, price in domestic steel would rise if there’s a rise in foreign mills.
The President of the Tyler Economic Development Council, Tom Mullins says that if this condition would last for a long time, consumers would be directed to alternative products as this may hurt the entire steel industry. There’s a 10% increment on aluminum imports along with the tariffs on steel.