The stock market ticker is red across the board this morning as investors wait with bated breath for news on Trumps final decision regarding the Tariffs he wants the U.S. to impose on imported metals.
Dow Jones Industrial Average took a hit this pre-market morning after President Donald
Trump announced that the U.S. will begin imposing tariffs on imports of steel and aluminum.
The dow took a dip of 0.29% over the weekend losing the stock 70.92 points in the market as the industry decides how Trump’s tariff will affect manufacturing in the U.S.
S&P 500 is down 0.45% this morning and NASDAQ is down 0.26% following this news.
The market value may rise this morning after Trump announced the Tariffs may be lifted if proper negotiations can be met with NAFTA.
“We have large trade deficits with Mexico and Canada. NAFTA, which is under renegotiation right now, has been a bad deal for U.S.A. Massive relocation of companies & jobs. Tariffs on Steel and Aluminum will only come off if new & fair NAFTA agreement is signed,” Trump said on Twitter.
Trump said negotiations are underway and he will lift the Tariffs, at least for Canada and
Mexico if these renegotiations are met well.
President Donald Trump announced Thursday that the U.S. will begin to impose tariffs on steel and aluminum, a move many are deeming detrimental to american consumers and businesses.
Trump said he would impose a 25% tariff on imports of steel and a 10% tariff on imports of aluminum.
The move was made to boost the U.S. steel industry but it could prove to be a hurdle for businesses that use imported steel and for the consumers who purchase products made with that steel.
The problem? Steel manufactured in the U.S. will be more expensive for businesses.
Businesses that rely on these imports to provide easily accessible products will be hit the most by these tariffs.
The beer manufacturing industry will see an increase of $347.7 million dollars added to their manufacturing costs.
The tariffs could affect consumers in several different ways, the most concerning is if businesses pass the increased production costs onto consumers.
This increase in product cost could cause a major slowdown in consumer spending and result in inflation.
Car consumers are likely to spend almost $200 dollars more for a vehicle if these tariffs are passed.
Investors can only hope that Trump will decide to lower his gaurd on the Tariffs and allow steel to be imported without the extra cost.