Proposed tariff on steel could hurt four Arkansas businesses
CONWAY (KATV) —
The president's proposed tariffs on steel is causing concerns for Arkansas companies, according to Market Watch Arkansas ranks number 5 as the biggest share of steel and aluminum imports.
“The proposed tariffs are going to include some raw materials used by tire wire manufacturers in Conway, Rogers, and Pine Bluff...it's the same products that are sold to Cooper Tire in Texarkana, so the end result is a more expensive American tire," said Conway Chamber of Commerce Vice President, Jamie Gates.
Part of the president's proposal includes a 25 percent tariff on steel, but for four companies in Arkansas, Gates says unintended consequences could include job loss, slowed growth, and a worse business climate.
"It's going to put foreign made products in this case, tires, as a distinct advantage over American made products and what we're specifically worried about is it's going to put them at an advantage over Arkansas made products," added Gates.
Ultimately defeating the purpose of supporting made in America products.
"The solution to a complicated issue in this case in common sense, if something isn't made in America, don't restrict the import of it when the end result is going to hurt the consumer, people who are making American products and slow economic growth,” said Gates.
The decision on this proposal is pending, but as written experts say it will have a serious impact on Arkansas.