(Metal tariffs) US trade groups fear rising costsBusiness | 9 Mar 2018 11:55 am
A broad swath of U.S. industries is unhappy with the tariffs that the Trump administration is imposing on aluminum and steel imports, warning the penalties will jack up costs, raise prices for consumers and potentially put people out of work.
Despite objections voiced by many business trade groups and lawmakers, the White House forged ahead Thursday with its plan to levy tariffs of 25 percent on imported steel and 10 percent on aluminum. The tariffs, which President Donald Trump says are needed to protect U.S. workers, are scheduled to take effect in 15 days.
Several industry trade groups pushed back against the necessity of the new policy, saying the tariffs will lead to higher costs for businesses and could spark a broader trade war.
"Today’s action could ultimately cost far more American jobs than it would create, and raise costs on consumer products,” said Gary Shapiro, president and chief executive of the Consumer Technology Association, which represents more than 2,200 companies.
"The imposition of tariffs will undoubtedly result in previously uninvolved sectors being retaliated against and create a dangerous race to the bottom, which is a threat to our domestic economy and the entire global trading system,” Shapiro added.-AP