In the firing line
President Donald Trump’s steep tariffs on steel and aluminium imports are now a reality. Trump has imposed a 25% tariff on steel imports and 10% on aluminium, but exempted Canada and Mexico. For American companies that make metals, that’s welcome news. But for businesses that consume steel and aluminium, like automakers and beverage producers, it will likely mean higher prices. Many have warned that could cut into profits and ultimately spur layoffs. Here’s a look at some of the US companies that may be hit by Trump’s latest protectionist move: Anheuser-Busch The aluminium used in beer cans is expected to get more expensive once the tariffs go into effect. Anheuser-Busch(BUD) has warned that it could threaten manufacturing jobs in the industry. The company employs more than 18,000 people in the United States. Auto parts manufacturers The Motor & Equipment Manufacturers Association, which represents companies that make vehicle parts in the United States, has said the tariffs will make cars more expensive and could put the many of the more than 800,000 jobs in its industry at risk. Boeing The nation’s largest single exporter uses aluminium and some steel parts to make planes. Boeing(BA) could also suffer if other countries decide to retaliate against US tariffs by buying planes from competitors like Airbus. The company has more than 140,000 employees in the United States and around the world. Caterpillar Making Caterpillar (CAT) construction equipment could get more expensive if steel and aluminium prices rise. The company employs more than 98,000 full-time workers around the world. About 42,000 are in the United States. Campbell Soup Company Commerce Secretary Wilbur Ross has said that there’s 2.6 cents worth of steel in a can of Campbell’s soup, and consumers can expect prices to rise less than one cent as a result of tariffs. Campbell’s (CPB) responded that “any new broad-based tariffs on imported tin plate steel — an insufficient amount of which is […]