When President Trump imposed tariffs on over $250 billion worth of Chinese goods beginning late last year, economic repercussions affecting prices were set in motion that are still being felt by a wide range of industries, businesses, and consumers today.
The goods affected by the tariffs included steel and other metals, producing effects that ripple through every industry that uses those metals, including the fastener industry. While everyone continues to debate the effectiveness of tariffs in producing positive economic changes, there is no denying that end-users are being affected by rising costs for many of the finished goods that utilize the tariffed materials.
At this time, we in the fastener industry are feeling the pinch caused by increased prices for raw materials, including steel and stainless steel. The current economic flux and volatility in the market is not helping matters and we are working hard with our suppliers and partners to maintain pricing and as much stability as possible in our product offerings.
Unfortunately, this kind of day-to-day instability makes it a real challenge to quote product costs to customers. What is quoted today to a customer will, in all likelihood, but very different from what we might be able to quote two weeks from now. It’s simply impossible to forecast changes and trends in pricing and availability while this economic instability continues.
In the meantime, rest assured we here at Electronic Fasteners are doing everything we can to take care of our customers and provide the best, most competitive prices possible on steel and stainless steel fasteners under current conditions.
We will continue to address this issue as necessary – and we hope it won’t be for much longer.
Thank you for your business and understanding.