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The Sko-Die team is very thankful to our customers and to our suppliers for their support that we received throughout 2018. This year has seen continuing strength of our overall manufacturing sector. These conditions have translated into opportunities for us to grow our business with our valued customers and to advance new opportunities in the market.
As you are aware, on March 8, 2018, the federal government announced that it is imposing a 25 percent tariff on steel and a 10 percent tariff on aluminum imports from all countries, except Canada and Mexico. Sko-Die understands there is a lot of confusion about how this will affect our company’s, and the broader industry’s supply chain. The new tariffs take effect at 12:01 a.m. EDT on March 23. They apply to goods that enter into the customs territory of the U.S. (any location where U.S. customs laws apply) or are withdrawn from a warehouse for consumption on or after that date.
As we close out 2017 and look back on the year, it is hard to argue that the domestic manufacturing sector has certainly enjoyed a resurgence. Since Q4 2106, the manufacturing sector real output has been steadily gaining ground and is approaching the historic high levels last seen in 2008. It is undeniable that we now live in a global economy and that our domestic manufacturing sector consistently faces headwinds from global competition. This new reality is unlikely to change; however, we remain optimistic that the policies that are being promoted and executed will continue to favor the expansion of our domestic manufacturing sector as a prominent player in the global economy.
In navigating our current hyper-political world and 24-hour cable news cycles, it is often difficult to separate the politics from the policy. As a manufacturing organization, it is far more important to understand the policies that are being discussed, vetted and implemented than in the politics that often take front stage. Consider a sampling of headlines from Manufacturing Economy Daily from the last 6 months ---