Proposed tariffs could affect local businesses - Hometownstations.com-WLIO- Lima, OH News Weather Sports

Proposed tariffs could affect local businesses

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The President announced last Friday that possible tariffs of 25 percent for steel and 10 percent for aluminum may be in the country's future. The President announced last Friday that possible tariffs of 25 percent for steel and 10 percent for aluminum may be in the country's future.
Nothing is set in stone, the tariffs are still under review at this point in time. Nothing is set in stone, the tariffs are still under review at this point in time.

The steel and aluminum tariffs proposed by President Trump could affect businesses in our area should they go through.

The President announced last Friday that possible tariffs of 25 percent for steel and 10 percent for aluminum may be in the country's future. Butch Kirk, president of International Tank Service says that the rise of steel prices could mean some changes in their business, much like what they've seen in the past.

"The economy follows the price of crude oil and the price of steel, so if the price of steel goes up and the price of crude goes up, they will both affect our business of building new storage tanks - we have seen this over the years where the price of steel in 24, 36 months can double, bringing our industry to a halt," Kirk said.

Kirk says that the change might not be as drastic if the president were to go with a smaller percentage with the tariffs.

"I would think Mr. Trump would be more in line if you put a 3 percent tariff, something along those lines, instead of 10 to 25 percent," said Kirk.

Nothing is set in stone, the tariffs are still under review at this point in time.

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