Caterpillar to raise prices due to Trump tariffs on aluminum and steel

Source: The Hill | July 30, 2018 | Avery Anapol

Caterpillar Inc. announced Monday that it will raise prices for its products to offset the costs of President Trump’s recently imposed tariffs.

In a press release, the construction manufacturing giant said that the tariffs on aluminum and steel imports announced by the Trump administration are expected to add around $100 million to $200 million in extra material costs.

The announcement came as part of the company’s report on second-quarter results, which showed sales and revenues up 24 percent from a year earlier.

Trump announced massive tariffs on aluminum and steel imports earlier this year, angering U.S. allies like Mexico, Canada and the European Union.

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