Executive director MGA Entertainment Isaac Larian says Donald Trump is a great president, while expressing some concern about the tariff to counting the Claman.
President Donald Trump It is expected to sign new executive commands on Monday, which impose larger tariffs on imports of steel and aluminum in the United States, opening a new front in its trade war that could encourage retaliation.
Trump’s actions would impose a new 25% of steel and aluminum imports in the US at the top of the existing tariffs to these metals, escalating his efforts to transform trade policy.
Tariffs, which are Import taxesIncrease the costs for importers who usually transmit some or all these costs to your customers. In the case of steel and aluminum, US companies largely rely on imports and higher costs can be harmed by manufacturers and in turn, consumers.
“The American economy has many more beneficiaries of steel than steel manufacturers, which means that the tariffs will threaten far more production jobs than they create,” said Eric York, Vice -President of the Federal Tax Policy in the Tax Foundation, for the Fox Business. “Looking at steel, jobs used by steel in the production process outweigh the work that produces steel 80 to 1.”
Trump’s tariffs to Mexico and Canada will increase consumer prices; Experts offer details
President Trump signaled that he would sign a command that raises steel and aluminum tariffs by 25%. (Andrew Hardik / Getty Images)
She noted: “Manufacturers from car manufacturers, agricultural equipment, household appliances and machines used in oil extracts, construction industry, and drinking industry and cutlery use metals as part of their production process.”
“When we apply tariffsWe increase the costs and imported metals and domestic metals, which increases production costs in the United States for all of these industry downstream. We should expect a net decrease in employment and production production as a direct result of higher tariffs, “York said.
What are tariffs, how do they work and who pays them?
US companies largely rely on imports and higher costs can harm the manufacturers and in turn to consumers. (Ty Wright / Bloomberg Via / Getty Images)
Ryan Young, an older economist at the Institute of Competition Company, told Fox Business that cars and housing are likely to be two of the most severe sectors, considering that they make up about two -thirds of steel.
“If you are on the market for a new car or a new house, expect you to pay a few hundred dollars more for an average car car and a few thousand dollars more for the house,” Young said, adding that higher prices on new cars will cause a price increase used cars because customers prices are looking for cheaper alternatives.
He added that aluminum tariffs would also raise cars and houses, as well as companies in beverage industry like Coca-Cola, Pepsi and Brewery. Other daily items made of aluminum that will probably see price increase include bicycles, devices and furniture.
What happens to Trump’s tariffs on China, Canada and Mexico?
American manufacturers can face higher costs due to increased tariffs to steel and aluminum. (Andrew Magnum / Bloomberg Via / Getty Images)
Approximately one quarter of all Steel used in the US -U Most come from neighboring Mexico and Canada, or from close allies in Asia and Europe, such as Japan, South Korea and Germany.
Although China is the world’s largest steel manufacturer and exporter, very little is sent to the United States because of 25% of tariffs imposed in 2018 that closed the most Chinese steel outside the market. Last year, the country performed 508,000 net tons of steel last year, which made up 1.8% of American steel imports.
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Now they rely more on the import of aluminum, and approximately half of all aluminum that comes from imports. The vast majority of American imports of aluminum comes from Canada, which last year performed 3.2 million tons of aluminum in the US – which is more than twice as much than the next nine countries.
Reuters contributed to this report.
