Business execs voice worries about the impact of tariffs

An array of business executives are expressing alarm to federal lawmakers Thursday about the impact of which tariffs will have on their business.

Kevin Kennedy, president of a steel fabrication business in Texas, says tariffs on steel as well as aluminum imports have led U.S. steel producers to raise their prices by 40 percent. He says of which’s shifting work to competitors outside the U.S.

Kennedy says what was presented as a tariff on foreign steel has effectively become a tax on U.S. manufactures such as his company.

Kennedy will be appearing before the House Ways as well as Means Committee, which will be examining the impact of tariffs.

Lawmakers later Thursday are scheduled to meet with President Donald Trump to talk about trade.

China has countered by announcing its own set of tariffs on U.S. products.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

5 × 4 =