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Trump Trade War - Mr Wilbur Ross defies claims of consumer price rise after tariffs on aluminium and steel

Steel News - Published on Mon, 13 May 2019

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It has been a year President Trump announced tariffs on steel and aluminium. A latest report from the Department of Labor in the US claims that contrary to the expectations that the tariffs would hurt US consumers; the actual market data defy predictions of tariff-led inflation. Commerce Secretary Wilbur Ross insisted that all the predictions about higher prices turned out to be wrong. Mr Ross argued that tariffs would have little to no effect on US consumers. He insisted that the tariff on metals had a negligible impact on consumer prices and they are unlikely to rise significantly due to import tariffs. He argued that the car and truck prices, which were forecasted to rise due to tariffs on metals, have hardly moved. Compared with a year ago, car prices are up just 1.4%. The price of new trucks was up just 1.2%.

He added that the impact of tariffs is much lesser than what was predicted.

Bureau of Labor Statistics, a unit of the United States Department of Labor report, in a May 10th report said that “The all items index increased 2.0% for the 12 months ending April, the largest 12-month increase since the period ending November 2018. The index for all items less food and energy rose 2.1% over the last 12 months, and the food index rose 1.8%. The energy index increased 1.7% over the past year after posting 12-month declines the past 4 months.”

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Posted By : Sanju Moirangthem on Mon, 13 May 2019
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