New Jersey manufacturers are faced with the difficult decision to either cut expenses or increase their prices due to sharp increases in the price of steel and aluminum.
The price increases are the direct result of the Trump Administration’s decision to impose tariffs on some foreign countries which produce these products.
“New Jersey’s manufacturing industry was just beginning to recover. Last year, the employment rate in the industry rose 1.3 percent. Now, our industry has been dealt a crushing blow with these new tariffs,” said Senator Vin Gopal.
“While these tariffs were designed to stimulate the American steel and aluminum markets, they now have the potential to break New Jersey’s growing manufacturing industry under the crushing price increases they have inevitably caused.
“We have a strong manufacturing industry here in Monmouth County and business owners have already taken a hit as a result of these tariffs. Scott Pilling, owner of Park Steel & Iron Co. in Neptune, said prices for steel tubing and plate have increased 25 percent, according to a recent article.
“We need to continue to foster the growth of this important industry that has now been put in jeopardy. As the Chairman of the bipartisan Legislative Manufacturing Caucus, I will continue to work to ensure the manufacturing industry grows and thrives in New Jersey.”
The U.S. relies on other countries for approximately quarter of its steel, making it the world’s biggest steel importer. Canada, Brazil and South Korea were the biggest exporters to the U.S. in 2017, according to the Commerce Department.