Trump Tariffs Wipe Out One California Company's Profits
- California canner says that ‘the consumer pays the bill’
- U.S. companies relying on aluminum and steel are reeling
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More than half of Dan Vincent’s projected 2018 profit was wiped out with a stroke of President Donald Trump’s pen.
Vincent runs Pacific Coast Producers, a cooperative in California’s Central Valley that cans produce from 168 family farms. When metal prices soared after Trump launched the stream of tariffs and sanctions he’s been slapping on overseas trading partners, what Pacific Coast Producers pays for cans did, too, by about 9 percent. Vincent said he’s now looking for an opportunity to pass those higher costs on.