Former President Donald Trump wrapped up his campaign talking about tariffs during a stop in Pittsburgh, Pennsylvania. The topic has the business world watching closely in the event he wins the election.
During his rally, Trump started talking about the addictive painkiller fentanyl and the negative effect it has over the country.
Trump stated he will punish Mexico and China with a 25% tariff on goods unless both countries stop the flow of fentanyl into the U.S.
Toolmaker Stanley Black & Decker is just one company that’s already preparing for possible tariffs to be slapped on China. President and CEO Don Allan told IndustryWeek that the company has been planning for this possibility since last Spring.
He said his company has gone through various scenarios, one of which would be price increases.
Allan also said the second aspect of the company’s plan would be to move production out of China. He said the company would move to either other Asian countries or even Mexico. He said this in advance of Trump’s latest remarks on tariffs.
He added that it’s unlikely Stanley Black & Decker would move production, or business, back to the United States. He said it’s because it’s too expensive and he has concerns about labor supply.
