Tariffs Escalate Metal Prices
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tariffsReuters
•Business
Business & Economics
US manufacturers see higher metal prices as tariffs near
76% Informative
President Donald Trump ’s 25% tariffs on steel and aluminum are only slated to start on March 12 .
The action is already reverberating through the network of producers and builders that rely on the metals to make their goods.
Steel prices in the U.S. have surged in recent days , adding to gains since Trump became president.
Hot rolled coil prices in Midwest have jumped 12% to $ 839 per short ton during the two weeks to Thursday .
The Trump administration raised tariffs on China by 10% at the beginning of this month .
Many manufacturers rely on memory of the last time the U.S. levied new tariffs on basic metals.
"Absolutely it will raise prices," said A.H. "Chip" McElroy Manufacturing chief executive of Tulsa , Oklahoma .
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