Recently, executives from three major U.S. steelmakers announced their concern over new tariffs on Mexico, expressing fear the tariffs will impact the U.S.-Mexico-Canada Agreement (USMCA).
President Trump wants the tariffs added to all Mexican imports, in an effort to stop the flow of illegal migration across the border. Trump plans to add a 5% tariff next week, then raise in intervals up to 25% until the Mexican government slows the migration.
The CEO’s of AK Steel Holding Corp., Nucor Corp. and Steel Dynamics Inc. agreed USMCA will be good for the American steel industry. In their opinions, anything that slows USMCA ratification will not be good for the steel industry.
“We hope it does not impact the USMCA — we think that’s a good thing for the steel industry and manufacturing in general in the U.S. and the economy as a whole.” said John Ferriola, CEO of Nucor. Steel Dynamics’ Mark Millett and AK Steel’s Roger Newport share his opinion.
President Trump is set to add the 5% tariff to all Mexican imports next week. But North Dakota Republican, Senator Kevin Cramer predicts the Senate has enough votes to override a veto from Trump.
If the Senate doesn’t override a presidential veto, then the tariffs go into effect June 10.
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