'Markets Do Not Like This': Sandra Smith Grills WH Trade Official on Steel Tariffs

'We've Been Waiting for This' for Decades: Dem Praises Trump's Steel Tariffs


The Beer Institute is condemning President Donald Trump's surprise plan to impose tariffs on aluminum and steel imports.

Despite a significant drop in the stock markets on Thursday and Friday, Trump gave no indication that he would back off the plan for a 25 percent tariff for steel imports and 10 percent tariff for aluminum imports.

The Beer Institute -- which promotes beer and responsible consumption  as well as sound public policy and regulation for all of America’s brewers, beer importers and industry suppliers -- says the aluminum tariff would increase costs to American businesses and endanger American jobs.

"Tariffs are taxes. And taxes are job killers and prosperity killers," Beer Institute President Jim McGreevy said on "Your World" on Friday, revealing that they estimate this move will cost America's beverage industry, including brewers and beer importers, $347 million.

He said he hopes the Trump administration will listen to concerns of the beer, soda, aerospace and auto industries, along with the hundreds of other industries that are downstream users of aluminum.

"We're willing to work with the president and the administration. We've made our point of view well-known to them, and we hope over the next few days before this decision is finalized that they'll take a different course," McGreevy said. "The beer industry and other are ready to be part of the solution here, but we don't think this solution as proposed is the right one."

Watch the interview above. 


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