On March 1st, President Trump announced a new tariff on imported steel and aluminum products coming into the United States of 25 percent and 10 percent respectively. While broader global economic and trade implications remain to be seen, the construction industry is positioned to see the most impact in the near future. Construction is the largest consumer of steel and aluminum products needed for nearly every aspect of work, from new construction to fit outs, and everything in between (rebar, structural beams, aluminum studs, furniture, etc.). While the new tariff is an attempt to spur U.S. production, we can expect near-term costs for the products to rise significantly in response.
In light of the recent tariff announcement, here's what you need to know about steel, aluminum and construction
•China produces 49 percent of the world’s steel, followed by the EU (10 percent), Japan (6 percent) and the U.S. (5 percent)
•50.3 percent of U.S. and Canada’s aluminum imports come from Asian countries, followed by 30.2 percent from Europe