Small Business Owner Says Tariffs Necessary
Many are are expressing concern over President Trump's tariffs, but Drew Greenblatt is not one of them. The small business owner of a steel manufacturer in Baltimore says that while the tariffs may cause short-term pain, they are necessary for long-term business well-being. He specifically mentions theft of intellectual property by Chinese competitors.
On May 31st, the U.S. slapped a 25 percent tariff on imported steel and 10 percent on imported aluminum. Although Greenblatt buys his steel domestically, he told CNBC that "our steel prices have gone up. This makes us less competitive against German, Mexican and Chinese" competitors, he added.
"We make everything in Baltimore," Greenblatt told CNBC. "We only buy steel from Indiana and Illinois and when we lose opportunities because Chinese companies are ripping us off, then that means less steel is bought from Indiana and Illinois and less unemployed steelworkers in Baltimore are getting opportunities to buy a home, and own a car," he said.
...Copyright infringement and IP theft is a big sticking point between China and the U.S. Recently, the Commission on the Theft of American Intellectual Property estimated the total yearly costs of intellectual property theft ranges from $225 billion to $600 billion, with much of that attributed to China. —Trent Gilles, CNBC