Donald Trump’s Tariffs Hit One of His Biggest Donors
19 hours ago
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The billionaire founder of a company billed as North America’s largest roofing and building wholesale distributor has warned of “adjusting prices” due to tariffs imposed by President Donald Trump, who the founder has supported with millions in political donations.
Why It Matters
Companies across all industries and sectors, both in the United States and around the world, have been reacting to widespread tariffs that have become more aggressive.
Trump announced on Wednesday that his administration will impose a 10 percent tariff on all countries starting April 5, with individualized reciprocal higher tariffs on countries with the largest trade deficits with the United States beginning April 9. These tariffs are in addition to those previously imposed against Canada, Mexico, China, the European Union (EU) and for all steel and aluminum products.
What To Know
Diane Hendricks co-founded building products distributor ABC Supply Co., Inc. with her late husband Kenneth Hendricks in 1982.
The company, headquartered in Wisconsin, offers an assortment of exterior building products, including roofing materials, siding, gutters, windows and doors, and renewable energy products, as well as accessories and tools.
More than 1,000 locations across the U.S. and Canada are run and operated by over 20,000 associates.
Newsweek reached out to the company for comment.
US businesswoman Diane Hendricks steps on stage on the last day of the 2024 Republican National Convention at the Fiserv Forum in Milwaukee, Wisconsin, on July 18, 2024 US businesswoman Diane Hendricks steps on stage on the last day of the 2024 Republican National Convention at the Fiserv Forum in Milwaukee, Wisconsin, on July 18, 2024 PATRICK T. FALLON/AFP via Getty Images
Hendricks has given approximately $6.3 million in donations to Trump groups, according to Forbes. She was on stage during the Republican National Convention in Milwaukee last year.
ABC Supply Co. has a reported $20 billion annual revenue.
“We understand that ongoing market conditions, including rising raw material costs and evolving tariffs, continue to create challenges in our industry,” the company said in a March 18 press release. “This prior week, we have begun receiving price increase notifications from our suppliers. As a result, ABC Supply will be adjusting pricing accordingly in line with the announced increases as they come into effect.”
A list of supplies whose prices have been adjusted, according to the company’s website, includes steep slope and low slope roofing, roofing insulation and accessories, siding, and windows and doors.
A previous press release issued March 6 mentioned the trade war between the U.S. and Canada, warning that tariffs could lead to “potential changes to pricing, availability, and lead times for specific items.”
ABC Supply, Co. also has a subsidiary, through its subsidiary L&W Supply Corporation, that has more than 270 locations that sell interior products including drywall, ceiling tile, steel framing and other building supplies.
In addition, that subsidiary operates over 35 locations through its Town & Country Industries division that specializes in pool and patio, hurricane and industrial building products. Town & Country has over 20 locations in Alberta, British Columbia, and Ontario, Canada that operate as ABC Supply Co. and distribute exterior building materials.
What People Are Saying:
President Donald Trump on Thursday afternoon: “I think it’s going very well. It was an operation, like when a patient gets operated on and it’s a big thing. I said this would exactly be the way it is. We have six or seven trillion dollars coming into our country and we’ve never seen anything like it.”
What Happens Next
A 25 percent tariff on “all foreign-made automobiles” will take effect on April 3. The 10 percent “baseline” tariffs will take effect on April 5 and the reciprocal tariffs will kick in on April 9.
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