President Donald Trump is sticking up for American workers and the U.S. economy with his proposed tariffs on steel and aluminum, according to White House National Trade Council Director Peter Navarro.
Continue Reading Below
While beer brewers and auto manufacturers have expressed concern in wake of the announcement, the price effects would be minimal, Navarro told Maria Bartiromo on Fox Business’ “Mornings with Maria.”
The price of a six-pack of beer will rise by about 1 cent, and car manufactures will pass along a $45 increase per passenger car, according to Navarro. Despite concern over international companies imposing their own sanctions and raising prices for U.S. consumers, Navarro is not worried about retaliation. “This whole idea that there’s a big downstream effect—it’s just part of the fake news that’s going to be put out to oppose these tariffs,” Navarro said. “A penny for a six pack of beer—that’s worth it to put Americans back to work in two industries that we need.”
Trump pledged on Thursday to impose a tariff of 25% on steel and 10% on aluminum. A tariff is a tax on goods moved from one country to another.Aluminum is used to make beer cans while steel and aluminum are used in the production of vehicles.
Steel makers employ about 140,000 people in the U.S. while industries that use steel employ 6.5 million, The Wall Street Journal said in an editorial.