A handful of small US companies are benefiting from President Trump’s aggressive tariff policies.
Most businesses are grappling with higher costs and scrambling to find new suppliers in the wake of Trump’s wide-reaching tariffs on imports.
But a metals producer in Pennsylvania has seen a 35 percent sales boost in the first quarter of the year.
Meanwhile, an advertising and marketing firm in Missouri has reported an even larger 40 percent bump in revenue.
Ellwood Group, which makes forged steel, nickel and aluminum products, has seen orders surge as large construction projects look for alternatives to previously cheaper Asian steel.
Trump imposed a 25 percent tariff on all steel and aluminum imports in March.
‘Customers want to get ahead of the tariffs,’ David Barensfeld, chairman of Ellwood, told the Wall Street Journal.
‘They are diversifying, reshoring because they want to derisk foreign supply chains.’
Ellwood Group has seen a 35 percent sales boost in the first quarter of the year.
David Barensfeld, chairman of Ellwood
The uptick in demand has led the company to add 50 more workers to its staff of 2,000 — with plans to hire another 50 soon.
Ellwood is also forecasting higher profit-sharing payouts for current employees.
The chaos of Trump’s initial announcements sent the stock market plunging and businesses reeling.
However, the 90-day pause to most tariffs above ten percent provided relief as well as increased uncertainty for businesses. XXXX Is that increased uncertainty
Big Time Advertising & Marketing in St Louis, Missouri is another business that has seen an unexpected boost from the tariffs.
The agency, which specializes in work for new and used car dealers, has seen its revenue jump 40 percent this year.
Its clients are asking the agency to make campaigns that appeal to buyers spooked by tariffs and the overall economic uncertainty.
‘Our phones are already ringing off the hook. “How much should I spend? How should I change my messaging?”‘ the agency’s CEO Terry MacCauley told the Journal.
Big Time Advertising & Marketing in St Louis has seen its revenue jump 40 percent this year
‘As prices go up and buyers become more hesitant, our jobs become more important,’ he explained.
As well as its existing clients the company has signed on five new clients in the last month alone.
MacCauley said he has plans to hire more staff but wants to be sure the surge in business will last.
‘I still have one foot on the dock and one foot on the boat, ready to sail,’ he said.
The capriciousness of Trump’s policy changes mean businesses are unable to plan with certainty.
Formic Technologies, a robot rental startup, told the Journal its business has jumped in recent months as US manufacturers try to increase capacity without making long-term commitments.
If the manufacturers business dips again they can simply return the robots.
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The US companies proving Trump’s tariffs could bring Middle America roaring back