Volvo Cars CEO Jim Rowan warned last week profitability could suffer due to Trump’s tariffs, even before the president announced the latest taxes on steel and aluminum on Sunday, the Financial Times reports.
Since 2018, when Trump implemented similar tariffs during his first term, Campbell told CNBC that investment in U.S. steel and aluminum has gone up.
President Donald Trump has announced he will impose tariffs of 25 percent on all imported steel and aluminum — but this isn’t the first time he has done so.
Mark McClelland, an aluminum extrusion business owner from Texas, told NPR the first term tariffs drove up his costs.
During his first term, he implemented a similar policy, causing imports to drop and several countries to implement retaliatory tariffs.
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