Steel is integral to our business, and it is important to be informed on the volatility of the steel market, affecting pricing everywhere, as well as supply and demand of steel across the nation. President Trump ordered a 25 percent tariff on imported steel as well as a 10 percent levy on imported aluminum to take effect in 15 days. This tariff effects every country except Canada and Mexico.
What this tax means is steel made in another country and shipped to the United States will be subject to a 25 percent tax, and imported aluminum will be hit with a 10 percent tax at the US border. He ordered a steep tariff in order to incentivize US companies to buy steel and aluminum from US producers so the domestic metal industry grows.
Since steel and aluminum are in virtually anything, from beer cans to cars, this does mean that the prices of many products are likely to rise. The goal of this tariff is to get the prices of these metals to rise domestically in order for it to be profitable enough for US producers to make more steel and aluminum, ultimately making it easier to employ more people.
Although this means a lot of prices will increase, there is no need to worry, as Medlin Ramps is the second largest manufacturer of steel, and we will always have the lowest price.
For more information on the steel tariff, click here.