The recent 25% tariffs imposed by Donald Trump this past spring have naturally raised many concerns among all sorts of companies, such as automakers and tech giants. Despite this, the steel tariffs the industry is facing is reported to be benefitting them.
According to reports, the steel import tariffs have been widely applauded by various steelmakers across the country, as they cited elevated prices and boosts in production. They also expect that the bridle on imports will continue to hold and that steel prices will remain high.
A recent list released by Bloomberg showcased a total of 48 companies in the United States that mentioned tariffs during the quarterly earnings season. Out of those 48 companies, only seven stated that they were benefiting from the tariffs imposed by Trump, with most of those involving the steel tariffs.
According to executives, the tariffs have been sending a clear message that the United States is finished asking that the rules of the trade be complied with. Furthermore, they were also serious about changes being demanded in regards to the trade practices of other countries.
Another positive benefit of the steel tariffs being reported involves U.S. Steel restarting operations at their Granite City, Illinois location. The operations include one that was announced after the tariffs had been imposed by Trump.
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