Caterpillar Inc. announced Monday that it will raise prices for its products to offset the costs of President Trump’s recently imposed tariffs.
In a press release, the construction manufacturing giant said the tariffs on aluminum and steel imports announced by the Trump administration are expected to add around $100 million to $200 million in extra material costs.
The announcement came as part of the company’s report on second-quarter results, which showed sales and revenues up 24 percent from a year earlier.
{mosads} Trump announced massive tariffs on aluminum and steel imports earlier this year, angering U.S. allies like Mexico, Canada and the European Union.
Caterpillar is the latest in a series of companies, including Harley Davidson, Coca-Cola Co. and BMW, to announce price increases, changes in production location or other struggles due to Trump’s ongoing trade battles.
Trump also threatened to impose tariffs on all European car imports to the U.S.