Association of Equipment Manufacturers (AEM) President Dennis Slater issued the following statement after President Trump formally announced new import tariffs on steel and aluminum.

Association of Equipment Manufacturers (AEM) President Dennis Slater issued the following statement after President Trump formally announced new import tariffs on steel and aluminum:

The equipment manufacturing industry is profoundly disappointed at President Trump's actions today to advance import tariffs on steel and aluminum. These "Trump Tariffs" will put U.S. equipment manufacturers at a competitive disadvantage, risk undoing the strides our economy has made due to tax reform, and ultimately pose a threat to American workers' jobs.

Steel accounts for roughly 10 percent of equipment manufacturers' direct costs. The price of steel has already risen in anticipation of the administration's actions, and a 25 percent tariff will only further erode the progress our industry has made over the past year.

Our industry will work tirelessly in the coming days and weeks to convey the negative impacts of these tariffs directly to the Trump administration and members of Congress. President Trump should back away from these tariffs, and redouble his efforts instead on policies that will create manufacturing jobs -- not put them at risk.

Today's top stories

Construction Market Boosts Economy

Bobcat Company Donates $885,000 in Equipment to Support Salvation Army's Disaster Relief Efforts

VIDEO: KEMROC Expands; Plans to Increase Nationwide Presence

'Machinery Pete' Interviews Jack Lyon On RFD TV

VIDEO: Two Major Roadway Project Contracts Awarded by State Officials in West Virginia

VIDEO: First of Two Sections of NYC's $1.45B East Side Coastal Resiliency Project Is Complete

John Deere Construction Introduces Flexible Customer Training Options

INFRA Grant Moves Ohio's N. Coast Connector Project Steps Closer