Trump put at 25% tariff on foreign made steel to make the purchase of domestic steel more attractive. The resulting expanded US production added 6,000 jobs and several steel mills are being modernized\revived
The subsequent effects are are a tad worse though. Those new mills? They will produce metal faster and cheaper in a world already dealing with an excess of steel supply. That likely won't end well for workers at all the other US steel mills especially since Great Lakes Works recently shut a plant and let go 1,250 people.
And those 6,000 jobs added? A study found it was more than offset by the 75,000 jobs lost due to higher costs for manufacturers, retaliatory tariffs like those that prompted Harley-Davidson to shift motorcycle production to Europe, and due to business lost to competitors in Canada and Mexico. It's almost like the economy is complicated and intertwined. If only people already knew this and that tariffs were a bad idea. Of course Trump supporters will only see the 6,000 'Merican Worker jobs added and dismiss the 75,000 jobs lost as Fake News. (I do hold a slight hope that this helps battle ground states like MI and PA realize their mistake 4 years ago)
WSJ (Paywall)
Reuters
The subsequent effects are are a tad worse though. Those new mills? They will produce metal faster and cheaper in a world already dealing with an excess of steel supply. That likely won't end well for workers at all the other US steel mills especially since Great Lakes Works recently shut a plant and let go 1,250 people.
And those 6,000 jobs added? A study found it was more than offset by the 75,000 jobs lost due to higher costs for manufacturers, retaliatory tariffs like those that prompted Harley-Davidson to shift motorcycle production to Europe, and due to business lost to competitors in Canada and Mexico. It's almost like the economy is complicated and intertwined. If only people already knew this and that tariffs were a bad idea. Of course Trump supporters will only see the 6,000 'Merican Worker jobs added and dismiss the 75,000 jobs lost as Fake News. (I do hold a slight hope that this helps battle ground states like MI and PA realize their mistake 4 years ago)
WSJ (Paywall)
Reuters
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