Here’s Who Would Be “worried” About Trump’s Import Tariffs
President Trump announced yesterday that he will offer tariffs of 25 percent on steel imports and 10 percent on aluminum products to help domestic producers in the coming week, a plan that seemed to take almost everyone in the White House by surprise .
As soon as he did, the Dow Jones fell 600 points and countries around the world said they would retaliate against any new tariffs. All of this led Trump to declare that ” trade wars are actually good, ” and to CNBC’s billionaire- appeared billionaire Wilbur Ross, the Campbell’s can of soup and the tall Budweiser boy (who knew billionaires drink tall boys?) in tow. to convince consumers that small price increases are not a problem. According to CNBC :
“The Campbell’s soup can is about 2.6 pennies steel. So if it grows 25 percent, that’s about six-tenths of a cent of the price of a can of Campbell’s soup, ”says Ross. “I just bought this can today at 7-Eleven … and it cost $ 1.99. Who in the world would care too much? “
Yeah, who gets tired of it. It turns out in virtually every industry in the US , including companies such as Campbell Soup, Kraft-Heinz, General Mills, and Hershey. “Any new broad tariffs on imported tinplate, which is not produced in sufficient quantities in the US, will drive up the prices of one of the safest and most affordable food items,” a Campbell spokesman told CNBC .
It can also lead to job loss.
Who else will be affected? Car manufacturers and dealers, boat manufacturers, retailers, beer makers, etc.
One person who gets turned on: The CEO is US Steel, David Burritt. “This is vital to the interests of the United States,” he said at the White House event via Vox . “This is our moment and it is very important that we get it right.”
Although, if the coal industry, Trump’s other favorite sector, is any sign, it might be worth curbing his enthusiasm.