Steel, aluminum tariffs expected to impact Springfield consumers
SPRINGFIELD, Mo. — The Trump administration doubled tariffs on steel and aluminum imports, with the new 50% rate set to begin Wednesday, June 4.
When you hear about steel and aluminum, you might only be thinking about cars and construction. However, a professor in Springfield tells Ozarks First these tariffs are going to impact much more.
'It's storage, it's warehousing, it's everything,' said Kyle Goodin.
Goodin is an instructor in the School of Accountancy at Missouri State University. He says most of the aluminum and steel that the United States imports comes from places like Mexico and Canada.
'When used appropriately, (tariffs) can save Americans money,' Goodin said. 'Right now, we're not really sure what it's going to do.'
He says most people will notice the cost increase in places like big box retailers or grocery stores
'It's not just building sky rises or building vehicles or anything like that, not just the manufacturing side, but also the shipping and transportation side as well,' Goodin said. 'So that's why you're seeing some costs go up at places like Walmart, because they've got to ship these goods in.'
Walmart announced last month it will be passing the costs of tariffs off on consumers.
'They do have inventories of stuff, but once the inventories are gone, then that's when the prices are going to start being passed on,' said Bruce Davis.
Davis is retired and lives in Springfield.
'I probably have to cut back on my spending somewhat,' Davis said. 'Just depends on how big of a bite they take.'
Davis says he's expecting to see more price increases at local stores in the future.
'I think people are mostly worried about just the thought of it, but I don't really think that the full impact is here yet,' Davis said.
Goodin tells Ozarks First he doesn't think the Trump administration will back down from these steel and aluminum tariffs.
'I think these tariffs are going to probably stick around for a little longer, and they will cause some price increase, maybe not as drastically as everybody thinks, but there will be an increase in price on some stuff,' Goodin said.
Even though those 50% tariffs on steel and aluminum begin on Wednesday, it will still take a while before they are seen in Springfield. Goodin says Springfield consumers can expect to see a hit in a few months.
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