New Tariffs On Steel & Aluminum Affecting Auto Industry
On March 8, 2018 the US Government announced a 10% tariff on imported aluminum and a 25% tariff on imported steel (excluding Canada and Mexico). These tariffs will likely lead to increases in the cost of manufacturing many of the trucks, truck bodies, and equipment.
What does this mean:
- Aluminum and Steel surcharges (price increases)
- After Market Equipment quotes that are only good for days rather than the months we’ve recently enjoyed (stricter quote guidelines/expiration dates)
- Longer lead times as raw materials may be back ordered
Various vendors have indicated price increases effective immediately due to the new tariff. The increases are ranging from 10-20% depending on the product line. It will be important to verify the pricing of aftermarket equipment at the time of order placement as the tariff will be an additional cost especially if the quote was created prior to the tariff announcement.
If you plan to order vehicles, we encourage you to place the order sooner than later. It is anticipated that the longer it takes to place an order, the more likely we will see additional price increases and longer lead times.