The Trump administration announced steel and aluminum tariffs on imports from Canada, Mexico, and the European Union on May 31, 2018. The tariffs of 25 percent on steel imports and 10 percent on aluminum imports went into effect at midnight the same day.
Under the Trade Expansion Act of 1962, if the Secretary of Commerce determines that “an article is being imported into the United States in such quantities or under such circumstances as to threaten to impair the national security,” then the President is authorized to take certain “actions necessary to adjust the imports of such article.”
Christian Reich, VP Operations at Goebel Fasteners, Inc. said on Wednesday: “We are closely monitoring the policy changes every day. During Q1 of 2018 we increased production and made it a point to build our stock inventory in order to be competitive in the changing markets. In today’s world the economy is continuously changing and as a company we have to adapt to the dynamics of the market.”
Are fastener prices going to increase across the board? Once thing is for sure, the next weeks and months will bring a lot of changes, new threads, and opportunities.
At Goebel Fasteners, Inc. we believe in working hard every day to make sure to stay ahead of the curve.
Over the past year we have continuously expanded our network of distribution partners across the U.S. and simultaneously grown inventory in our Houston, TX warehouse facility. Our manufacturing facilities are located overseas but we see tremendous potential for growing our market share in the U.S. and creating well-paying domestic jobs along the way – tariffs or no tariffs!