CMI opposes doubling of steel tariffs

Can Manufacturers Institute (CMI) president, Robert Budway, has issued the following statement in response to president Donald Trump announcing a doubling of steel tariffs from 25% to 50%:

“The Can Manufacturers Institute supports President Trump’s decision to allow the combination of US Steel and Nippon Steel, but we strongly oppose any action that would raise steel tariffs to 50%.

“Doubling the steel tariff will further increase the cost of canned goods at the grocery store. This cost is levied upon millions of American families relying on canned foods picked and packed by US farmers and can makers.

“A series of unfortunate decisions over the past eight years by domestic tin mill steel producers led to dramatic cuts that have decreased US production of the specialised steel used in can making by 75%.

“As a result, domestic can makers and canned food producers now import nearly 80% of tin mill steel from trade allies. Doubling steel tariffs will inflate domestic canned food prices, and it plays into the hands of China and other foreign canned food producers, which are more than happy to undercut American farmers and food producers.

“Ultimately, these metal tariffs put our nation’s food security at risk. We are asking president Trump for targeted tariff relief, on tin mill steel and aluminium produced by our allies and used in the production of cans that are made in America.”