Donald Trump’s ridiculous trade tariffs have completely devastated many small business across the country, and has even threatened to take down giants like Harley Davidson, Coca-Cola, and General Motors, who have all released statements expressing the impact of Trump’s tariffs.
Now, one more company adds to that list, and it’s another big American brand.
According to their website:
“For more than 90 years, Caterpillar Inc. has been making sustainable progress possible and driving positive change on every continent. Customers turn to Caterpillar to help them develop infrastructure, energy and natural resource assets. With 2017 sales and revenues of $45.462 billion, Caterpillar is the world’s leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The company principally operates through its three primary segments – Construction Industries, Resource Industries and Energy & Transportation – and also provides financing and related services through its Financial Products segment.”
Caterpillar has announced in a Monday corporate press release that Trump’s tariffs alone have, and will continue to cost the company a major amount of money on the materials needed to make their machines.
According to the report:
“The company is raising the outlook range primarily due to the continued strength in many end markets. Recently imposed tariffs are expected to impact material costs in the second half of the year by approximately $100 million to $200 million, and the company expects supply chain challenges to continue to pressure freight costs. However, the company intends to largely offset these impacts through announced mid-year price increases and using the Operating & Execution Model to further drive operational excellence and structural cost discipline.”