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Trump Trade War - Tariff is a double edged sword – CEO FJM Ferro Inc

Steel News - Published on Thu, 14 Jun 2018

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Fox Business reported that US President Donald Trump’s tariff on imported steel is starting to cut into the bottom lines of some companies. Mr Joe Casucci, CEO of FJM Ferro Inc told FOX Business that steel service centers in the Northeast have increased their prices by an estimated 30%. He said that “It’s kind of a double-edged sword, so it’s both good and bad. Countdown to the Closing Bell.”

Although the New York City-based steel fabricator and erector is paying a higher price for steel, there’s been an inflow of contracts from clients who are looking into locking down the lowest possible price.

He told Ashley Webster that “We’ve been influxed with a large amount of awards in recent months, which is a benefit to us of course, but we’ve had some wonderful clients also on the backend for our existing contracts.”

American steel prices have skyrocketed since Trump announced tariffs of 25% on steel and 10% on aluminum in early March.

Mr Casucci said from a business standpoint, he understands the president’s overall objective, but questions when steel prices will hit their peak. He added that “I understand [Trump] wants to keep it American made. I can appreciate that, I love it. When does that escalation stop?”

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Posted By : Nanda Koijam on Thu, 14 Jun 2018
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