Yesterday, President Trump announced his plan to impose a 10% tariff on all countries, as well as an individualized higher tariff on the countries with which the United States has the largest trade deficits, under the International Emergency Economic Powers Act of 1977.
Wes Smith, President and CEO of the National Association of Electrical Distributors, provided the following statement:
“Our network of more than 5,500 distributor locations and warehouses across every state and Congressional district is an essential component of the electrical equipment supply chain, helping to provide the goods and services to build and power America’s homes, businesses, industrial facilities, and data centers.
"The President’s actions are consistent with his longstanding concerns about trade imbalances and his commitment, voiced frequently during his campaign, to revitalizing domestic manufacturing.
"We recognize that these actions will cause short-term uncertainty among our members and supplier partners who work tirelessly on behalf of our end-user customers. However, we remain optimistic about the broader policy agenda President Trump is advancing with Congress—one that prioritizes long-term, pro-growth tax policies, a more rational regulatory environment, onshoring production in sectors vital to our long-term strategic interests, and an energy dominance strategy that streamlines permitting and increases the domestic supply of critical materials and components like copper, semiconductors, steel, and aluminum. These priorities are essential to the electrification of America.
"NAED encourages our members to remain flexible in what will be a fluid environment as negotiations ensue and progress. Communication with suppliers is vital to managing inventory levels and pricing and in providing customers with the latest information to assist in sound business and investment decision making. NAED, along with our coalition partners, NECA, NEMA, and NEMRA, will be a strong voice and advocate for the electrical industry and its importance to our economy and future.”
Further updates about this can be found here, on tEDmag.com.
NATIONAL ASSOCIATION OF ELECTRICAL DISTRIBUTORS