Michiana metal company responds to China's tariffs
SOUTH BEND, Ind. -- Along with wine, berries, and pork on the list of U.S. sectors hit with tariffs, the recycled metal industry will also be heavily affected.
The Chinese Foreign Ministry announced that tariffs on many U.S. goods will begin Monday.
The announcement follows the tariffs on foreign aluminum and steel placed on foreign countries last month by the Trump Administration.
Mark Beaudway of Industrial Metal Fab in South Bend says today’s announcement was not a surprise.
“China exports over $500 billion worth of products per year, 500 billion with a 'B.' They carry a big stick and they can are reacting drastically," said Beaudway.
The tariffs on U.S. pork will be 25 percent and recycled metals will have a 15 percent tariff.
“Anybody in heavy industry or the agriculture industry especially will be the first to see it. As I said, we are already seeing it in the huge increase in the price of steel and now with the latest announcement from China on the agricultural products too the farmers are going to see it and now where it goes from there we are just waiting to see where the other shoe is going to drop” says Beaudway.
The tariffs from China resemble the tariffs put on aluminum and steel from foreign countries by the Trump Administration last month.