22:45:38 EDT Fri 26 Apr 2024
Enter Symbol
or Name
USA
CA



Globe says Magna, others see tariffs backfiring on U.S.

2018-07-09 07:54 ET - In the News

See In the News (C-MG) Magna International Inc

The Globe and Mail reports in its Monday, July 9, edition that Mike Bergmeier voted for Donald Trump because of his promise to bring manufacturing jobs back to the United States. The Globe's Adrian Morrow writes that Mr. Trump's attempts at doing this, however, are taking a bite out of Mr. Bergmeier's own business, building parts for farm machinery at a plant in Hutchinson, Kan. Mr. Bergmeier sources specialty steel for one of his plow blades from a mill in Selkirk, Man. That metal is now subject to the 25-per-cent tariff. Mr. Bergmeier says: "I am a Trump supporter. But politicians sometimes don't get the law of unintended consequences. Canadians are some of our best trading partners. We need Canada." Mr. Trump's trade war has damaged the U.S.'s allies and enemies alike, making it harder to sell into the world's largest consumer market. However, it has also backfired by sideswiping Americans themselves: Across the U.S., companies are taking hits to their bottom lines, jacking up prices for consumers and, in some cases, laying off workers. The injury is being felt by companies large and small, from corporate behemoths such as Coca-Cola and the Campbell Soup Co. to specialized businesses such as Mr. Bergmeier's.

© 2024 Canjex Publishing Ltd. All rights reserved.