International trade is very sticky across lots of borders, but one thing that the United States has been able to hold together, even amidst wars, is a decent trade relationship with most countries. Majority of the goods we enjoy and love on a regular basis come from another country, and vice versa. Trump’s trade tariffs he wants to impose are actually going to hurt more Americans than help. Here are 4 products that will be affected by the upcoming tariff of aluminum and steel…
The 10 percent tariff on aluminum he wants to impose will hit MillerCoors and Anheuser-Busch the hardest because they make their cans out of aluminum. The companies released statements that this tax will drive their prices up for consumers.
Jim McGreevy, president and CEO of the Beer Institute trade group, made this comment about the predictions this tariff will take on the beer industry… “(the tariff) will create a new $347.7 million tax on America’s beverage industry, including brewers and beer importers, and result in the loss of 20,291 American jobs,”.
The tariffs could cost Ford and General Motors $1 billion each per year. Though those 2 companies use mostly U.S. steel in their production, this could create a nasty market for the competitiveness of American car manufacturers. The Motor & Equipment Manufacturers Association stated that the tariff jeopardized 871,000 U.S. jobs in the motor vehicle parts industry.
In retaliation, the EU promised to diminish support of American trade. European Commissioner Jean-Claude Juncker said…
“If the Americans impose tariffs on steel and aluminum, then we must treat American products the same way.”
These are the industries that will be hurt…
Bourbon sales have increased steadily in the E.U. in the last 5 years from the American distilled spirits industry and the counter-tariff from the E.U. would create a loss of competitive advantage. There would be so much of one brand of bourbon. If everyone is forced to buy only one brand of liquor, they can charge whatever price they want, because who is going to stop drinking the liquor?
This one is slightly a low blow. They are trying to add a tax to products that are very iconic and dear to American hearts. Peanut Butter isn’t a large industry in European countries, so it isn’t something that will change lives, yet its certainly something that all Americans love! Who wants to see the price of their favorite peanut butter go up?
The country has been taking backlash from everywhere about who our president is. This just adds to the list of disappointments and mayhem we must be shamed for.
2 more years. 2 more years.