MEMPHIS, Tenn. - One Mid-South business owner is already projecting rising costs for his business because of President Trumps' tariff on steel and aluminum. Owner of Competition Cams needs to run a business, and pay more than 175 employees.
The company manufacturers cam shafts for high performance race engines used in NASCAR teams and drivers.
"It is not the kind of steel you can buy anywhere. As a matter of fact, in the United States, they barely make any of it."
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Coleman took FOX13 on a tour of his plant that produces cam shafts, up to 10,000 a month. Coleman said the president's tariff will drive up his costs and that of other manufacturers dependent on steel.
"And since it is not made in the United States, the alloy is not made here you won't be able to get those parts unless you are willing to pay 25-percent for the raw good," said Coleman.
The extra expense passed on the consumer.
Some of the company’s clients, like those million dollar race car teams, will pay the extra cost. The average consumer may not. It has Coleman worried about his 40-year business he built from scratch.
"If he not going to deal with the same trade deal that he did with Canada and Mexico, I would try to negotiate with those people before I would announce," said Coleman.
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