Transcript for How US trade tariffs on steel and aluminum will impact manufacturers
Let's bring in our chief Briz correspondent, Rebecca Jarvis. Jon mentioned the allies are angry, and Republicans are angry. Big fallout from this one? The primary concern here is the ripple effect of what the tariffs mean for the American people. Once you put these tariffs on steel and aluminum, good for steel and aluminum companies here in the United States, but harmful to U.S. Manufacturers who ultimately have to pay more for those materials. Historically, they passed that price hike along to consumers. Anything that comes in a can, aluminum cans, soup, soda, those prices would go up. Maybe by a small amount. That's what the administration says, by less than a penny, but ultimately, things that are larger like cars, appliances, airplanes, construction materials, those prices can go up even more, and the ripple effect on the U.S. Economy and on jobs can welcobecome a bigger issue. And it was said we could lose close to 200,000 jobs in this. Who wins in this. No one wins in a trade war. Historically speaking, anybody who is involved in the trade war loses and the issue is that it becomes tit for tat. We have Europe saying they are going to slap tariffs on American goods like harley-davidsons, bourbon, blue jeans and all of those things impact American jobs. China is threatening agriculture like soybeans that can be impacted here. So ultimately these are all concerns, and S & P 500 companies drive 44% of to their sales overseas. All of that is in jeopardy. This is really an important one to watch.
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