Trade War Fallout: 5 ways the Trump tariffs could impact air cargo

The U.S. will be hurt the most by tariffs

The ultimate irony, said some critics, is that no one will be more negatively affected by the trade barriers than American businesses.

Sebastiaan Scholte, chair of TIACA and CEO of Jan de Rijk Logistics, said in March that steel and aluminum workers represent a “tiny fraction of the American jobs market,” meaning the tariffs will help very few American workers. “Much more people are employed in steel-dependent industries, where these materials are used to make everything from cars, buildings, and washing machines to refrigerators, electronic devices, and even canned food. More expensive steel and aluminum will get passed on to businesses and consumers. Companies might even consider moving production and in general this will negatively impact employment. No one comes out on top in a trade war.”

The E.U.’s commissioner for trade, Cecilia Malmström, also emphasized in a statement that the tariffs will have “a negative impact on trans-Atlantic relations and on global markets.” Also she said, the actions “will raise costs and reduce choice for U.S. consumers of steel and aluminum, including industries that import these commodities.”

Regarding steel deficits, “the root cause of problems in these two sectors is global overcapacity caused by non-market-based production,” Malmström added. “This can only be addressed at the source and by working with the key countries involved. This go-it-alone action by the U.S. will not help.”