The two year exclusion for some imported goods into America has expired, meaning prices will be going up for some construction parts, including rubber tracks. Rubber tracks entering the country will now have a 25% tariff slapped on the import cost. Trade officials say this increase is immediate.
"We will be raising prices on almost all our rubber tracks beginning April 5," says Chad Blondin of Trojan Tracks in Washington State.
Many parts suppliers say they are looking to April 5 as the day of price increases, forcing many contractors and construction businesses to order parts before the imminent increase.
The prices of oil, raw materials, and ocean freight have increased dramatically over the last
year, putting further pressure construction parts suppliers to increase costs. Government officials say the tariffs, adopted during the Trump Administration, will remain under the Biden Administration for now.
"The U.S. isn't ready to lift tariffs on Chinese imports in the near future, but might be open to trade negotiations with Beijing", said U.S. Trade Representative Katherine Tai.
In her first interview since Senate confirmation, U.S. Trade Representative Katherine Tai said she recognized tariffs can exact a toll on U.S. businesses and consumers. Others believe tariffs help protect companies from subsidized foreign competition.
"I have heard people say, 'Please just take these tariffs off,'" Ms. Tai said. But "yanking off tariffs," she warned, could harm the economy unless the change is "communicated in a way so that the actors in the economy can make adjustments."
Tai also suggested maintaining tariffs is also strategic when it comes to negotiations.
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