Section 232 and 301 tariffs under scrutiny by the International Trade Commission as NAFEM members report significant economic impact
The US International Trade Commission (ITC) has begun the fact-finding part of an investigation into the economic impact of Section 232 and 301tariffs on US industries.
Section 301 places tariffs on imports from China while Section 232 affects steel and aluminium imports.
In a recent survey carried out by the North American Association of Foodservice Equipment Manufacturers (NAFEM) over 85% of members reported that tariffs were impacting their ability to control costs and 60% said that specifically Section 232 and 301 tariffs were causing severe economic harm to their companies.
“The Section 232 and 301 tariffs have negatively affected U.S. foodservice equipment and supplies production, raised costs for producers and consumers, and lowered the availability of completely U.S.-manufactured products,” NAFEM said in its comments. “Specifically, NAFEM’s U.S. manufacturing member companies have struggled with securing adequate steel and aluminum raw material inputs at competitive prices since the imposition of Section 232 tariffs in 2018.”
The tariffs affect many of the very companies that create much needed – and economic growth – jobs in the market, as Charlie Souhrada, CFSP, NAFEM vice president of regulatory & technical affairs, pointed out.
“Most NAFEM members are small and medium-sized businesses, and many are family-owned,” he said. “They are instrumental in providing vital U.S. manufacturing jobs for thousands of American families, fueling the success of the U.S. economy,”
The Commission’s final report is due to be published on 15 March 2023.