Business Forward: Tariffs Causing “Demand Destruction”

A new American Steel Index report by Business Forward shows U.S. steel prices have risen 7.4 percent since February, while foreign steel prices have fallen 9.8 percent. As a result, American manufacturers are paying 17.2 percent more for hot- and cold-rolled steel than their foreign competitors.

“President Trump’s tariffs on steel and aluminum are increasing consumer prices and hurting American exports,” said Business Forward President Jim Doyle. The long-term costs of tariffs are becoming clear, he added, as production moves overseas and firms cut back on capital investment.