Pres. Trump's tariffs already affecting metal distributors in Lu

Pres. Trump's tariffs already affecting metal distributors in Lubbock

Posted: Updated:
LUBBOCK, Texas -

With the stroke of his pen Thursday, Pres. Trump set European Union and other steel producing nations in a frenzy. 

German Chancellor Angela Merkel called for her country's exclusion and the Chinese government is already taking aim at U.S. coal and ag products. 

While the tariffs have yet to take place, the effects are already being felt. Randy Teinert, owner of Teinert Metals, is already seeing an increase in panic. 

"We've already had some customers asking me, do we need to buy all of our steel for the year now and I say we can't supply you with all the steel now because we can't get all the steel we really need right now," Teinert said.

Buyers are not the only ones concern. Economist are worried these tariffs will have the opposite effect of what the President desires.

"The jobs that he protects in steel and aluminum making in the United States, these are intermediate goods that go into making cars, buildings, roads, virtually countless other things and jobs are going to contract in those industries and in export industries in the United States," said Benjamin Powell, Director of Texas Tech's Free Market Institute.

Powell said even from a national security stand point, which the president cites as a main reason for these tariffs, they will fall short.

"This is insane. China is our 11th largest steel exporter to the United States. Canada, Mexico, Japan, and European Union countries, all bigger. Notice that's from the North, the South, the East, and the West. If we have a national security reason that disrupts all of those supplies of steel, we've got a bigger problem than steel."

In the President's proclamation, the US will negotiate exclusions with any country we have currently have a security relationship with. Treasury Secretary Steven Mnuchin said he wants the US to get that done before the tariffs take effect in two weeks.

  • Top StoriesMore>>

  • Rosenstein still has his job _ at least till Trump showdown

    Rosenstein still has his job _ at least till Trump showdown

    Monday, September 24 2018 10:52 AM EDT2018-09-24 14:52:17 GMT
    Monday, September 24 2018 10:34 PM EDT2018-09-25 02:34:39 GMT
    President Donald Trump has not decided whether to fire Deputy Attorney General Rod Rosenstein for reportedly questioning the president's fitness to serve.
    President Donald Trump has not decided whether to fire Deputy Attorney General Rod Rosenstein for reportedly questioning the president's fitness to serve.
  • Warm Tuesday, followed by gusty front and rain chance

    Warm Tuesday, followed by gusty front and rain chance

    A cold front will move across our area Tuesday afternoon, kicking up the wind, followed by a chance for rain. Get the latest update here in the FOX34 Weather Blog. 

    A cold front will move across our area Tuesday afternoon, kicking up the wind, followed by a chance for rain. Get the latest update here in the FOX34 Weather Blog. 

  • Kurt's cancer story: From fighter to survivor

    Kurt's cancer story: From fighter to survivor

    We've been fielding your phone calls and messages asking about Kurt. He's conquered cancer and will be back soon after he's recovered from major surgery. Even from the hospital bed, he's still with us and shares his journey through chemotherapy, kidney removal and why he's happy he's gone through it all.

    We've been fielding your phone calls and messages asking about Kurt. He's conquered cancer and will be back soon after he's recovered from major surgery. Even from the hospital bed, he's still with us and shares his journey through chemotherapy, kidney removal and why he's happy he's gone through it all.

Powered by Frankly