28 Feb Developers are bracing themselves for the burn of Trump’s metal tariffs
The Real Deal April 1, 2018
New York City developers and builders certainly won’t strike gold with the Trump administration’s recent metal tariffs.
Following President Donald Trump’s early-March announcement that he would tax overseas metals — citing national security concerns with China as a rationale — the government imposed a 25 percent tax on steel and a 10 percent tax on aluminum imported from certain countries.
Since the initial announcement, steel prices have reportedly risen as much as 10 percent nationwide. Those increases could impact what developers pay for steel used to frame buildings, rebar that goes into reinforced concrete structures, studs for interior framings and aluminum casements for curtain walls, among other construction materials.