Tariff on international steel imports jolts players in the metal industry

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...“Generally speaking, when the steel buyers’ sentiment index turns downward, steel purchases follow the sentiments downward,” Haley said. Retaliation toward the tariffs would mean higher prices on aluminum and steel in the U.S. as well as the higher prices on all products using imported aluminum and steel. The tariffs also affect all steel and aluminum imports, from all countries except Mexico and Canada.
As Jeff French, Grant Thornton national managing partner further explained, “The proposed 25 percent tariff on steel imports and 10 percent tariff on aluminum imports would hit manufacturing especially hard and impact a wide variety of industries. U.S. automakers, already struggling with higher commodity costs and declining sales, would likely be significantly impacted. The sector accounted for 26 percent of U.S. steel demand in 2017.”
According to French, Ford (the number two U.S. automaker) reported in January that higher steel and aluminum costs would hurt 2018 profits, and blamed a poor fourth-quarter performance, in part, on higher commodity costs. ....

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