President Donald Trump met with steel and aluminum industry leaders Thursday to talk about implementing steep tariffs on steel and aluminum which matters in the Ohio Valley as it is home to last US aluminum smelters and many industries depend on steel and aluminum.
As a candidate Trump promised to impose tariffs on steel and aluminum. Now he says he’ll sign those tariffs into law next week. After the announcement the Dow Jones Industrial Average dropped about 500 points as investors feared a trade war and retaliation against US exports.
But Trump’s announcement is well received among the Ohio Valley industries that produce and rely on domestic steel and aluminum. John Ferriola is with the American Iron and Steel Institute and the CEO of Nucor, a producer of steel. He was at the meeting to voice his support for the tariffs.
“We are counting on the administration to fulfill the promises that were made and to give us that level playing field to compete,” he said.
BS: Nucor has facilities in Kentucky and Ohio. Kentucky is the nation’s largest producer of aluminum.Trump announced he will impose a 25 percent tariff for steel and 10 percent for aluminum. The European Union has threatened it will retaliate with tariffs against products such as Kentucky Bourbon.