The Association of Equipment Manufacturers (AEM) says it is “profoundly disappointed” by the Trump tariffs on steel and aluminum formally announced by the White House.
Thursday afternoon, President Donald Trump announced a plan to implement a 25 per cent levy on steel imported to the United States as well as 10 per cent on aluminum that enters the country.
“We have to protect & build our Steel and Aluminum Industries while at the same time showing great flexibility and cooperation toward those that are real friends and treat us fairly on both trade and the military,” Trump tweeted.
AEM President Dennis Slater issued the following statement after President Trump’s announcement.
“The equipment manufacturing industry is profoundly disappointed at President Trump’s actions today to advance import tariffs on steel and aluminum. These ‘ Trump Tariffs ’ will put United States equipment manufacturers at a competitive disadvantage, risk undoing the strides our economy has made due to tax reform, and ultimately pose a threat to American workers’ jobs,” Slater said.
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“Steel accounts for roughly 10 per cent of equipment manufacturers’ direct costs. The price of steel has already risen in anticipation of the administration’s actions, and a 25 per cent tariff will only further erode the progress our industry has made over the past year.”
The tariffs are expected to take effect in about 15 days. Canada, the largest supplier of steel and aluminum to the United States, and Mexico are exempt from the tariffs, as negotiations are ongoing for the North American Free Trade Agreement (NAFTA).
“Our industry will work tirelessly in the coming days and weeks to convey the negative impacts of these tariffs directly to the Trump administration and members of Congress,” Slater said in his statement.
“President Trump should back away from these tariffs, and redouble his efforts instead on policies that will create manufacturing jobs — not put them at risk.”