Mon Jun 11, 2018
Author: RV News Staff
Thor Industries President Bob Martin raised concerns about the steel and aluminum tariffs implemented by the Trump administration.
Martin said in a statement that while labor costs during the fiscal third quarter moderated, “we are experiencing inflationary price increases in certain raw material and commodity based components due in large part to the headwinds created by the announcement and implementation of the steel and aluminum tariffs and other regulatory actions, as well as higher warranty costs.”
The stock fell as much as 7.3 percent on Thursday before closing 2.4 percent higher.
President Trump announced a 25 percent charge on steel imports and a 10 percent tariff on aluminum in March. He then decided in June to extend those tariffs to Mexico, the European Union and Canada, three key trade partners that had been previously exempt.
Mexico released its own set of tariffs in retaliation, targeting U.S. steel, cheese and pork. Canada also plans to slap dollar-for-dollar tariffs on the U.S., according to Foreign Affairs Minister Chrystia Freeland.
Europe will implement counter-measures against U.S. tariffs on steel and aluminum just like Canada, German Chancellor Angela Merkel said on Sunday, also voicing her disdain for Trump’s abrupt decision to withdraw support for a G7 communique.
Trump said on Twitter, after leaving the Group of Seven summit in Canada early, that he was backing out of the joint communique.
“The withdrawal, so to speak, via tweet is of course … sobering and a bit depressing,” Merkel
said.
Like Canada, the European Union is preparing counter-measures against U.S. tariffs on steel
and aluminum imports, in line with World Trade Organisation rules, Merkel said.
“So we won’t let ourselves be ripped off again and again. Instead, we act then too,” Merkel said, adding that a tariff-free area among G7 allies would be an ideal outcome, but that talks about such a trade bloc would have to include non-tariff barriers to trade.