Maine companies are feeling the consequences of Trump's steel tariffs
Source: Bangor Daily News
North Berwick sports-seating manufacturer Hussey Seating is sounding alarms about the effect that President Donald Trump’s steel tariffs are having on its bottom line – a concern independent Maine Sen. Angus King said is widespread in the state and beyond.
Hussey CEO Gary Merrill said his company and many steel-based businesses in the Northeast depend on Canadian suppliers for raw materials, and that the tariffs that the White House announced recently will damage revenues at the company, which employs 300 people.
“It’s a significant impact to us,” Merrill said. “A lot of our backlog is already in place, and we’ve quoted those jobs with the old pricing in place. So it will affect our bottom line this year. And then going forward we’re going to have to pass those costs on to our customers because there’s no way we can absorb them and it could impact our competitive position with our competitors, especially our foreign competitors.”
Trump’s recent trade action includes a 25 percent tariff on Canadian steel and a 10 percent tariff on aluminum. Merrill said that the commodities market started reacting to the expected tariffs months ago, and between them and other market forces, Hussey’s steel costs have already spiked 45 percent this year.
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Read more: https://bangordailynews.com/2018/06/16/business/maine-companies-are-feeling-the-consequences-of-trumps-steel-tariffs/
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he really is dangerous.....................but he's got 87% rating with the right wing stupids.......................
November 2018 cannot get fast enough......................don't worry 87% stupids republicans will save your stupid ass, since you have no common sense...........................
they would have known that everything Trump touches turns to shit. He lies. He stiffs his contractors. He doesn't hire Americans. He sues people who say negative things about him. He has never been held accountable for anything he's ever said or done. But they wanted change. They didn't want a status quo candidate. They thought he would take care of them.
