- Press Release
- Feb 2, 2023
New Tariffs Could Harm Industry Critical to American Economic Security
America’s aerospace and defense industry is deeply concerned that the anticipated tariffs on aluminum and steel will raise costs and disrupt the supply chain, putting U.S. global competitiveness at risk. There is also a significant threat for retaliation from other countries towards American-made products.
In the weeks leading up to President Trump’s Thursday announcement that he intends to impose a 30% tariff on steel and 10% on aluminum imports, the Aerospace Industries Association has been out front highlighting the challenges these tariffs place on the American manufacturing sector, specifically with respect to the aerospace and defense industry. Friday morning on CNBC, AIA President and CEO Eric Fanning was featured immediately following Commerce Secretary Wilbur Ross, emphasizing: “This is going to impact companies big and small in the aerospace and defense world. More importantly, we’re concerned about retaliation. The aerospace and defense industry generates the largest net surplus in the manufacturing sector – over $86 billion a year. These companies thrive on the exports of their products.”
AIA will continue to underscore the damaging impact of these tariffs on the global supply chain and exports as well as the larger economic consequences of this decision.