The Trump administration has announced 25% steel tariffs along with a 10% tariff on aluminum, claiming we cannot lose a steel industry that’s a fraction of what it once was because it has been besieged by foreign imports. Which states will be impacted most by these tariffs? According to a report at Market Watch, much of it depends on location.
The construction and manufacturing industries purchase and use a substantial amount of both steel and aluminum; because of this, there could be approximately six million jobs at risk in these industries in an effort to save the fewer than 140,000 positions of those who work in the steel/aluminum production industry. For those six million who could potentially be out of a job and their local/state economies, this is certainly not good news.
Which states are predicted to be hit the hardest? Those at the top of the list following analysis performed by the Brookings Institution for Market Watch include Arkansas, Connecticut, Louisiana, Maryland and Missouri. Other states with the biggest share of steel and aluminum imports include Iowa, W. Virginia, Alabama, Ohio and N. Dakota.
Economically speaking this all has a trickle-down effect as not only do those who work in factories face potential job loss, but the second-order services that support these factories as well. Tax revenues are critical to local economies, while small businesses will be impacted as they supply a wide array of services to first-order businesses such as cleaning, food, accounting services, laundry/uniforms and many other vending services.
Time will tell how these tariffs impact jobs and the American economy. REA JET is a leading supplier of industrial coding technologies for the steel and metal industry, including our innovative DOD 2.0 large character ink jet printers, high resolution and spray technology. Quality, indelible markings, flexibility, speed and printing that stands the test of time along with cost-effectiveness – trust REA JET to keep your production lines running.