Do you use steel? Prepare for a bumpy ride, if you’re not already on the tariff rollercoaster. Tit-for-tat tariffs will have wide-ranging effects on the industry, regardless of opinions on the current resident of the White House.
First, some basics. What’s a tariff? Put simply, it’s a tax on goods crossing a border. That tax can apply to goods coming into a country or going out. Think about those duty-free shops at airports. Duties are a kind of tariff. That cheap bottle of liquor brought back from your trip to Cozumel? It was so cheap because the U.S. waives tariffs on goods bought at duty-free stores when those goods come into the U.S.