Thank you, Mr. Chair.
Thank you to all the witnesses. I know that you're all wildly busy just trying to keep your companies afloat. The very fact that you're here means a lot to this committee. It's very important.
Mr. Vander Park, I love the tag line of “make things that make things”. It's a brilliant tag line. As a committee here, we're trying to fix the things that make things that make things.
In your opening testimony, you said that you haven't changed a quote. Therefore, you are stuck with everything you dealt with a year ago. Either you deliver that tool, whatever that tool is, or you keep it on your shop floor. I can't even imagine how many man-hours, maybe up to 1,500 man-hours, for one tool. Consequently, you just never ship it and you don't get paid. Obviously, the majority of the companies where you ship to in Michigan wouldn't get paid.
I understand you do much more than just automotive. I'd like to really break this down for the committee. I understand you had one tool with about 1,500 man-hours that you were going to sell for $244,000, roughly. You were going to pay tariffs of $1,500 U.S. on this tool. Subsequent to the section 232 tariffs that came down, it's now around $36,000 on one tool.
Is that a fair statement, sir?