Cleveland steel company weighs in on trade war

Cleveland company, Stripmatics weighs in on trade war

CLEVELAND, OH (WOIO) - The war on trade tariffs is effecting people nationally as well as locally.

Bill Adler is the owner of Stripmatic Products and has been since 1992.  

"95 percent of the steel we buy is domestic, US made steel," Adler explained.

At Stripmatics they stamp the steel to make parts for your car, which means if the tariff isn't figured out soon, the cost of your new car could go up.

"Your Coke and Pepsi with aluminum cans, we're going to start seeing all those prices creep up," Adler said.

He says since talks of a trade war started up in the end of 2017, the cost of steel has increased by 25-50 percent.

Adler explains his small company of fewer than 40 employees likely won't have lay-offs, but it will hurt their bottom line.

"Hiring is going to be on a freeze.  This impacts how much we can put towards 401k's, and profit-sharing.  It does impact our employees as much as our company," Adler said.

While he commends the Trump administration for taking on China, he says they need to make a deal soon.

"It needs to get resolved or there will be collateral damage of our companies that won't make it if it is a dragged out negotiations," Adler said.

Adler said businesses like his went through this with the Bush administration in 2002.  At that time Adler says 20 percent of companies like his went out of business, and hundreds of thousands of jobs were lost.

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