Steel tariffs are already impacting American companies - WSJ

The Wall Street Journal is reporting on American price increases in the face of Trump's tariffs, which were supposed to level the playing field against foreign metal products, but is instead edging domestic producers out of the market.

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The Metalworking Group of Cincinnati recieved a notice of a 35% increase in the price of American-made steel products, instead of foreign made steel. Tariffs are commonly known to increase prices across the board, not just for the targeted economies. The Wall Street Journal interviewed a Mike Schmitt, who owns a metal processing plant in the US, and according to him, his business will be operating at a 14% marginal loss after the 35% price increase. It is unlikely that American businesses will be able to pass the costs on to their customers, as companies will switch to European providers or other market sources. Despite the potential Mexico and Canada tariff exemptions in the works, American steel companies are not waiting, and increasing prices now.