Economists react to proposed tariffs on steel and aluminum
Economists are reacting to President Donald Trump's recently proposed tariffs on steel and aluminum imports.
The proposal would impose a 25 percent tariff on all imports of steel, and a ten percent tariff on imports of aluminum.
The automotive, beer, and even candy industries would be affected by the tariffs, forcing an increase in price to keep up with the increased price of steel and aluminum.
Alan Deardorff is a professor of economics and public policy at the University of Michigan.
“It will cause some loss of jobs in those industries, how much, we have no idea. Since the higher prices for the metals are going to apply across the whole country, there will be a great many industries that will experience increases in there costs.”
Deardorff said a concern is that other countries will retaliate with tariffs, which could hurt even more industries.
The tariffs are still being discussed in Washington.