Since President Trump announced 25 percent tariffs on foreign steel and a 10 percent tariff on aluminum in March, profits from American steelmakers have steadily been on the rise. But sheet metal shops and industries that utilize steel to produce products have felt the pinch. The latest industry on that list is beer, the Washington Post reports:
The Beer Institute, a U.S. trade group, says brewers are bothered. It projects that over a year, tariffs on foreign aluminum could increase the cost of beer production by $347 million. (U.S. beer sales totaled $111.4 billion in 2017, according to the Brewers Association.)
And rising costs for beer makers could translate to a big buzzkill for everyone.
The impact is already being felt, said Ryan Krill, co-founder and CEO of Cape May Brewing Co., a small brewery in southern New Jersey.
Krill, who started his business in 2011, says rising aluminum prices will cost him about $30,000 this year — a big sum for a small team. “We could get a lot of miles out of that,” he said. “It’s a bit of a bummer.”
Ahead of the new NAFTA signing, Canadian and Mexican allies are asking the U.S. take the steel tariffs off the table. Whether that happens before the NAFTA deal, which is expected to be completed by the end of the month, remains to be seen.