Trump's steel tariffs were supposed to save the industry. They made things worse
WASHINGTON — When President Trump slapped 25% tariffs on foreign steel in March 2018, panicky U.S. buyers rushed to place new orders ahead of feared supply interruptions, driving prices up sharply.
It was an instant bonanza for domestic steel producers. With much fanfare, some announced ambitious expansion plans. United States Steel Corp. even fired up a pair of long-idled blast furnaces in Granite City, Ill., and Trump seized the occasion to deliver a rousing speech at the plant about the industry’s resurgence.
What a difference a year has made. Benchmark steel prices have fallen well below their level before the tariffs took effect and are now about half their peak in July 2018. The industry has responded with production cutbacks.
And while that Granite City smelter is still operating, Pittsburgh-based United States Steel has begun laying off scores of workers at two other old blast furnaces, near Detroit and in East Chicago, Ind. Several other steelmakers are closing mills, idling employees or cutting back work hours, in Louisiana, Kentucky, West Virginia and Pennsylvania. Overall employment at steel mills is little changed from two years ago.
https://www.msn.com/en-us/money/markets/trumps-steel-tariffs-were-supposed-to-save-the-industry-they-made-things-worse/ar-AAJxQXp?li=BBnbfcN
Stable genius at work.
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