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The Mid-Continent Nail plant in Poplar Bluff, Missouri, laid off 60 of its 500 workers last week because of increased steel costs. The company blames the 25% tariff on imported steel. Orders for nails plunged 50% after the company raised its prices to deal with higher steel costs.
The company is in danger of shutting production by Labor Day (September 1st) unless the Commerce Department grants it an exclusion from paying the tariffs
Mid-Continent Nail is "on the brink of extinction," he said.
Glassman said the company might relocate to Mexico, where it could buy the steel without the tariffs — and then export the finished nails back to the United States without tariffs, which only apply to raw materials.
Glassman called President Donald Trump's trade policy misguided. He noted that the company had doubled its work force since 2013, and thrived despite increased competition from China.
About 21,000 US companies have filed for tariff exclusions. In a June 20 Senate hearing, Commerce Secretary Wilbur Ross said Mid-Continent had filed a request for an exclusion only two days earlier.
"I'm not belittling their situation at all. But given the importance of it to them, it's very unfortunate that they waited all these weeks to file the request," he said.
The US Chamber of Commerce has estimated that 2.6 million US jobs are at risk because of the Trump administration's hard-line policies on trade, although that estimate includes the impact of ending NAFTA. The tariffs that have already been proposed could cost the US economy about 700,000 jobs by next summer, according to Moody's Analytics.
"They are scared, they are worried about their families. It's not like there are tons of other manufacturing jobs," he said. "If I were a Mid-Continent worker, I would be extremely unhappy with what this administration is doing."
originally posted by: intrepid
Do American companies NEED imported materials? Are there just not enough in the States to keep the need filled?
originally posted by: intrepid
Just wondering how many chapters of this "Winning" series there will be?
Do American companies NEED imported materials? Are there just not enough in the States to keep the need filled?
CHINA
In 2015, China produced 803.83 million metric tons of Crude Steel accounting for 50.3% of the world’s total production.
JAPAN
Japan accounted for 105.15 million metric tons of the global production of crude steel in 2015. About 6% Worlds production.
INDIA
India produced 89.58 million metric tons of crude steel in 2015. About 5.5% Worlds Production.
UNITED STATES
Steel Companies in the US produced 78.92 million metric tons of the global production of crude steel in 2015.
About 5.5% worlds production.
The industry employs over 142,000 people
DEMAND (Steel Consumption)
CHINA
China was the largest steel consumer last year, with the mainland’s ASC at 681.0 million metric tons.
UNITED STATES
The United States was ranked second at about 90 Million Metric Tons
China has long been blamed for the United States’ and, for that matter, the global steel industry’s woes. However, we’ve seen a steep decline in Chinese steel imports this year. Furthermore, China now accounts for only about 2.0% of total steel imports.
originally posted by: odzeandennz
a reply to: soberbacchus
you say 'winning', in a 'i told you so' manner. as if when Trump looks bad on policies, you feel better?
do you think those people who may lose their jobs are Republicans or Democrats?
originally posted by: jjkenobi
Here we see Liberals rooting and cheering for failure.
Trump 2020!
originally posted by: SlapMonkey
a reply to: soberbacchus
So is your argument that we shouldn't place tariffs on anything, yet accept that other countries do it to us at will?