The tariffs the Trump Administration has imposed in 2018 have been met with plenty of criticism, along with a few approvals. Recent news from Ford has really brought the decisions—specifically, tariffs on steel and aluminum—into sharper focus.
Ford announced that, after attributing $1 billion in lost profits to President Trump’s tariffs, it will institute “massive layoffs”—up to 24,000 jobs, according to one report. The automaker’s woes are not unique to the industry—other manufacturing sectors have also struggled with the effects of the new duties imposed on goods from other nations, including Canada, China, Mexico, and the European Union.Read More
A major economic story of 2018 has been the tariffs the White House has imposed on other nations and the resulting trade war from tariffs being imposed back on the United States. Initially, tariffs on steel and aluminum did not apply to materials produced in Canada, Mexico, and the European Union, but as the trade war has escalated, those markets’ imports now are subject to tariffs as well—25 percent on steel, 10 percent on aluminum.Read More