Steel/aluminum tariff pressures continue
On June 1, the Trump administration imposed Section 232 tariffs on steel and aluminum from the European Union, Canada and Mexico, despite earlier stating it would hold on these tariffs while NAFTA negotiations are ongoing. The tariffs – 25 percent on imported steel and 10 percent on imported aluminum – have now been levied against all countries except those that have agreed to import quotas – Argentina, Australia, Brazil and South Korea. In response, eight U.S. trading partners have taken retaliatory action that, according to the National Association of Manufacturers (NAM), impact approximately $39 billion in U.S. exports.
The Coalition of American Metal Manufacturers (CAMMU), of which NAFEM is a member, recently issued a policy paper estimating the impact of the Section 232 tariffs on U.S. jobs. The study, authored in part by economist Laura Baughman, president of Trade Partnership Worldwide LLC, estimates that 16 jobs would be lost for every one steel/aluminum job gained, resulting in an overall loss of more than 400,000 jobs.
While NAFEM and CAMMU’s efforts to reach out to elected officials continue, we also need members to contact their elected officials, including the White House, and voice continued opposition to the tariffs. To support this outreach, NAFEM has prepared an Advocacy Toolkit for member use. More details are included in the Get Involved! section of this newsletter.