Tax company based in Maryland Independent canned He says he will increase his prices as a result of a change in American tariff policy by the Trump administration.
Last week, President Donald Trump officially raised rates To all imports of steel and aluminum from Canada and Mexico to 25% and added a 10% tax to China imports. Mr. Trump has promised that the rates will create US factory jobs.
“We are stretching to inform you of an important revision of the import rate on steel products initiated by the Trump administration”, ” a letter From Rick Huether, the company’s CEO said. “As you have heard or read in the news, the Trump administration has revised the tariff program on imported steel, which includes tin -plated steel. Unfortunately, this modification will have a significant impact on our unitary costs, because tin -plated steel is the key material in the manufacture of our products.”
According to the company, the costs of steel planted with tin, used for the production of boxes, covers, cans and other metal components represent between 50-75% of the prices of sale of their products.
The letter says that US domestic production can meet only about 30% of national tin -plated steel needs, which means that all manufacturers can import about 70% of the necessary materials.
“In the United States, there are 3 tin lines. These lines can produce approximately 30% of the tin plate needed to make preserves that are manufactured in the United States. This means that all manufacturers can import almost 70% of tin -plated steel to need production.
Price changes will take place on April 1.
Trump administration imposes heavy rates
expert said CBS News Moneywatch That the rates could determine the prices of some articles to rise, including canned goods, food and drinks, because many internal companies are based on imported materials. While some US companies can choose to bear some of the added import expenses, some of the costs are probably transmitted to consumers in the form of higher prices.
Maryland governor, Wes Moore, said last week that he was concerned about rates and could be deeply problematic “for the port of Baltimore, one of the nation The busiest port facilities.
“It will have a huge impact. It already has,” Moore said. “Canada is our biggest partner, is our biggest internal producer for the state of Maryland, and will we throw blades on Canada?