Could steel and aluminum tariffs impact Valley? - WFMJ.com News weather sports for Youngstown-Warren Ohio

Could steel and aluminum tariffs impact Valley?

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YOUNGSTOWN, Ohio -

With new imported steel and aluminum tariffs now in place, companies and workers in the valley and U.S. are bracing for the negative and positive fallout.

While some companies could grow, others may struggle to pay more for raw materials.

The President's tariffs, a 25-percent tariff on steel and a 10-percent levy on aluminum, made official this week are aimed to level the playing field with foreign competitors. 

Trump touted the plan on the 2016 presidential campaign trail along with making changes to NAFTA.

The President and CEO of the Penn-Northwest Development Corporation, Randy Seitz, joined WFMJ Weekend Today Saturday morning to talk about the potential impact.

He believes the tariffs on foreign steelmakers will, in turn, bring back manufacturing jobs to the area and some companies could grow.

But not every steel company will benefit from it.

He says NLMK in Mercer County, which employs 750 people, could crumble under the higher steel prices. 

Seitz says they depend on materials from overseas.

"These are companies that simply can not buy their steel raw material from the United States and they must import them," said Seitz.

"If this tariff is enacted on top of the raw material that's being brought in, they won't be cost-effective and some of these companies may close their doors," Seitz said.

Consumers could end up paying the price with their wallet. He expects aluminum tariffs to be passed on to consumers.

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