President Donald Trump’s decision Thursday to enact steel tariffs on the importing of foreign steel and aluminum has a number of HVAC and construction industry groups criticizing the decision.
Within two weeks, the metals from countries other than Mexico and Canada will carry new taxes of 25 percent on steel and 10 percent on aluminum. The president said the levies will strengthen an industry that has been battered by unfair international competition, especially from China.
But any gains steel companies enjoy come at the expense of the rest of the economy, according to groups such as the Associated General Contractors of America, which estimates that 30,000 jobs could be lost if the tariffs lead to a protracted trade war.
From Snips Magazine