World Trade Center Utah President and CEO Derek B. Miller and Salt Lake Chamber President and CEO Lane Beattie released the following statements about President Trump’s announcement that he will impose stiff tariffs on imports of steel and aluminum:
“The news of President Trump’s steel and aluminum tariff is troubling for Utah manufacturing companies as they will see higher costs for their raw goods,” said Derek B. Miller, president and CEO of the World Trade Center Utah. “If countries like China are engaged in unfair trade, the resolution should be targeted and focused. By imposing broad tariffs across the board, we strain our relationship with trade allies and jeopardize the competitiveness of local companies.”
“The ramifications of President Trump’s proposed plan to impose far-reaching tariffs on steel and aluminum imports could be disastrous for many Utah businesses and could have a rippling effect on our state’s economy,” said Lane Beattie, president and CEO of the Salt Lake Chamber. “Our manufacturing sector is currently one of the strongest in the country, with a total output of more than $17 billion in 2015—representing nearly 12 percent of our state’s total economic output. Beyond that, nearly 20 percent of all Utah jobs stem from exporting these manufactured goods. Some of these jobs could be put at risk by broad tariffs. More expensive steel and aluminum means higher costs for Utah businesses and ultimately higher costs for consumers. It is our hope that President Trump takes a step back from his calls for heavy-handed tariffs and restrictions on steel and aluminum imports and thinks about the impacts such actions could have on this country’s overall competitiveness.”
