An array of business executives are expressing alarm to federal lawmakers Thursday about the impact that tariffs will have on their business.
Kevin Kennedy, president of a steel fabrication business in Texas, says tariffs on steel and aluminum imports have led U.S. steel producers to raise their prices by 40 percent. He says that’s shifting work to competitors outside the U.S.
Kennedy says what was presented as a tariff on foreign steel has effectively become a tax on U.S. manufactures such as his company.
Kennedy is appearing before the House Ways and Means Committee, which is examining the impact of tariffs.
Lawmakers later Thursday are scheduled to meet with President Donald Trump to talk about trade.
China has countered by announcing its own set of tariffs on U.S. products.