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A company such as JW Aluminum acutely understands the impact tariffs can have on a manufacturer.

The company, which produces building products, HVAC components, as well as cargo and RV trailers, is battle-hardened on the issue, having spent 2019 lobbying for the removal of tariffs on aluminum imports from Canada and Mexico.

On 11 February, that battle took another turn as Donald Trump imposed a 25% tariff on aluminum and steel products.

Tariffs are thus now a reality that owner Wellspring Capital Management and private credit investor KKRKKR need to confront. And perhaps a harbinger for the type of chaotic trade policy private markets investors will have to confront over the next four years. In 2019, JW Aluminum CEO Lee McCarter and other industry leaders said then it was cheaper to buy abroad than domestically.