Louisiana industrial construction projects could suffer as a result of tariffs placed on imported steel and aluminum, according to economist Loren Scott, who tells New Orleans public radio station WNGO the higher price of steel could lead some companies to reconsider building and expansion projects.
“Right now you’re paying $100-a-ton for the steel. Well now you’re going to have to pay $125-a-ton for the steel,” Scott says.
That could harm Louisiana’s economy, especially industrial construction. There’s nearly a $100-billion worth of planned projects—like chemical plants and liquified natural gas facilities that require a lot of steel—in Louisiana.
The Trump Administration is placing a 25% tariff on imported steel and a 10% aluminum in an effort to bolster U.S. manufacturing.
“There’s a concern that some of them may say, ‘Wait a minute, we were making the decision to build based on the price of steel we could get in the world market. Now you’re saying those steel prices will be a lot higher,’” Scott says.
