Trump tariffs on imported steel and aluminum; how it could affect your wallet
MIAMI VALLEY, Ohio (WKEF/WRGT) - Growing concerns over President Trump's proposed steel and aluminum tariffs.
Some local manufacturers worry the move will spike prices and spark a trade war.
It's hard to predict how much metal tariffs will cost you, but odds are you'll see the impact.
“I think we are going to see a price increase. How much? I don't know I don't think anybody knows at this point,” Jim Zahora said.
Zahora is the chairman of the Dayton Region Manufacturers Association and he's also the President of Noble Tool Corp. His company is bracing for costly changes.
“Everything we make is of steel, so if the cost of steel goes up we have to raise our prices,” Zahora said.
President Trump's plan calls for a 25% tariff on steel imports and 10% on aluminum. Using these taxes, as a bargaining chip.
Some Miami Valley Manufacturers fear this will spark a trade war.
Other allies in Europe are already threatening to hit back with their own tariffs.
"This trade wars and dividing us from our allies makes no sense," Governor John Kasich said.
Many companies fear the taxes will drive up costs and customer orders down.
“There's a trickle-down effect that will eventually get to the consumers,” Zahora said.
What happens next is anyone's guess. Zahora hopes it doesn't hurt Noble's production.
“I think a trade war would be bad, because I don't think we have enough capacity in this country to produce all the steel we need,” Zahora said.