President Trump’s decision to impose U.S. steel and aluminum tariffs will protect U.S. jobs and revive the middle class, according to a top Jupiter Aluminum executive.
“Extending a tax to all countries in the world to protect the jobs in the U.S. is definitely a win,” Paul-Henri Chevalier, president of Jupiter Aluminum, told FOX Business’ Liz Claman on Friday. “It’s all about jobs in this country. Jobs have disappeared for a long time. [Trump] is about to recreate them.”
On Thursday, Trump announced tariffs of 25% on steel and 10% on aluminum, promising that they would protect U.S. producers “for a long time.”
Jupiter Aluminum, located in Indiana, is the largest producer of vehicle license plates in America. It has been advocating for protection against what it says are unfair trade practices by China.
“Manufacturing is the backbone of any country,” Chevalier said. “We have lost a lot of [manufacturing jobs] in the U.S. in the last 10 years.”
China has increased its production of aluminum by 40% over the past 15 years at the expense of the American worker, according to Chevalier.
“Only recently, with Secretary of Commerce Wilbur Ross and President Trump yesterday, we heard a positive answer to our concerns” about China, he said.
Ross said Friday that the tariff plan is part of the president’s push to create jobs.
“American employees have borne the brunt of all the imported steel and aluminum that’s been coming in,” Ross told FOX Business’ Stuart Varney. “Corporate America might complain, but the president is taking up the banner of Mr. and Mrs. America.”
Chevalier said he didn’t think consumers should be concerned about price hikes, saying, “There’s a lot of emotions about price increases. You have a few aluminum plates per pound of aluminum, so when you sell a pound for $1.50, a few cents more will be impacting the plates.”
Steel stocks were mixed in Friday’s trading after rallying the previous day. The Dow Jones Industrial Average dropped 420 points on Thursday.