President Trump Signs Steel and Aluminum Tariff Proclamations
Yesterday, President Trump signed two proclamations imposing steel (25 percent) and aluminum tariffs (10 percent). AED is concerned about the impact these actions could have on equipment distributors, manufacturers and their customers and the effect on the cost of future infrastructure projects. The association will closely monitor implementation of the tariffs and work with other industry organizations, the administration and Congress to limit its impact on construction equipment dealers. However, AED was pleased that certain countries were exempted, particularly Canada, and that the administration has indicated a willingness to be flexible in excluding more countries.
Following the White House announcement, AED’s President and CEO Brian P. McGuire said:
“The United States operates in a global economy and when a country takes protectionist measures it will always raise concerns about the negative impacts. However, similar to legislative and regulatory actions, the details matter and implementation is crucial. The coming weeks will be important to assess the Trump administration’s commitment to accommodating the concerns of our key trading partners and allies and the impact it will have on on-going trade agreement negotiations, such as NAFTA. Accessible and efficient international trade is critical to continued economic growth and international competitiveness.”