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Freight based technology is critical for the delivery of millions of products and materials. So what happens to an important industry like this when significant tariffs come into play?
International trading can sometimes be incredibly volatile territory. Introducing new tariffs on much needed resources can have a serious trickle down effect on many industries.
In latest news, the United States has introduced new tariffs on steel resources from Canada. The effects have already become known as many businesses have been met with a sharp increase of cost for steel and steel products.
The semi-truck industry is heavily reliant upon the use of steel. The impact of the new steel tariffs are already touching this crucial line of work.
The existing semi-trailer truck industry requires many varieties of steel products. It's common to find manufacturers in need of steel sheets, rods, beams and more. But because of the new tariffs, there's been an increase of uncertainty around these products.
The likelihood of consistent pricing is extremely low. Many have found a drastic increase in cost for many steel based materials, inflating the budget requirements of the semi truck industry.
The demand for growth in the freight and semi truck industry is notably high in 2018. The need for more trucks is only hindered by the current steel tariffs.
We can expect to see more volatility from this latest decision. Steel prices are in no way guaranteed to stay as they are today. As the semi industry continues to progress, we'll need to proceed with caution and diligence.
Be sure to check back for more news and updates on the semi truck industry. We're experienced, passionate professionals based out of Monroeville, Indiana. If you're interested in purchasing a semi truck or would like to know more, contact us today.
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