**Maryland**: Rick Huether, owner of Independent Can Company, struggles with trade tariffs affecting his 96-year-old family business, highlighting the impact of fluctuating policies on manufacturing and small enterprises, amid wider economic uncertainty affecting retirees and the stock market.
Rick Huether, the owner of Independent Can Company, faces significant challenges as he attempts to steer his 96-year-old family business through the complexities of trade tariffs imposed during Donald Trump’s presidency. The company, which produces decorative and specialty tins, cans, and buckets, employs around 400 individuals across its factories in Maryland and other locations.
Huether has been grappling with the ramifications of tariffs since their introduction in Trump’s first term, particularly the 25 per cent tax on steel imports implemented in 2018. He has expressed concerns about the domestic supply of steel tinplate, which is essential for manufacturing cookie tins and popcorn cans. As American mills cannot meet the required demand, Huether has relied heavily on imports from Germany. The ongoing fluctuations in tariff policies under Trump’s administration have created an atmosphere of uncertainty that hampers planning for businesses reliant on foreign materials.
“We can live with the realities,” Huether said in an interview with ABC News, noting that while his business can handle the tariffs, the constant changes make it nearly impossible to make strategic decisions. “We need them to be realities for a number of years.” He highlighted that the shifting nature of tariffs has put his company in a precarious position, as rapid changes can invalidate previously sound decisions.
The complexity of the trade situation has been amplified with the escalating trade war between the United States and China. Tariff rates have soared, with reports indicating that the US has raised tariffs on Chinese imports to as high as 145 per cent, prompting retaliation from China. This tit-for-tat has left many small businesses, particularly those like K. K. Discount Store in Manhattan’s Chinatown, struggling to cope. Ken Li, who has operated his store for nearly 35 years, lamented, “This is the worst time,” emphasising that the unpredictability of current conditions makes business planning exceedingly challenging. Li noted he is unable to stockpile goods as larger companies might due to limited resources.
The repercussions of trade policies are not confined to the manufacturing and retail sectors. The trade war has triggered broader economic effects, notably in stock market fluctuations that disproportionately impact retirees. Individuals such as Gregory Kilduff, a 70-year-old retiree from Maryland, have seen substantial losses in their retirement accounts amid the ongoing uncertainty, and similarly, Victor Kilian, aged 81, reported declines of 15 to 20 per cent in his savings.
In contrast, some supporters of Trump continue to back his approach, claiming his policies will ultimately benefit American industry. Michigan resident Jan Hodge pointed to improvements in her investments, hoping the changes could revive manufacturing in small towns across America. Similarly, Oklahoma retiree Linda Barton expressed confidence in the recovery of the economy, citing previous rebounds post-COVID-19.
As businesses like Independent Can Company and small shops across the country navigate this uncharted territory, the long-term implications of these fluctuating trade policies remain unclear, leaving many to ponder the sustainable future of American industry.
Source: Noah Wire Services
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