Caterpillar Inc. announced Monday that it will raise machinery prices in order to offset the costs of the Section 232 tariffs on steel and aluminum imports.
In a press release, the construction and farm machinery manufacturer said the 25 percent tariffs are expected to add around $100 million to $200 million in extra material costs. The company also released its Q2 results at the time of the announcement, showing sales and revenue up 24 percent year-on-year.
Caterpillar is the latest company to announced price increases as a direct result of the Section tariffs. Other companies include Harley Davidson, Coca-Cola, and BMW.