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Trump Tradw War - Trump credits tariffs for rebuilding US steel industry

Steel News - Published on Thu, 16 May 2019

Image Source: USA Today
President Trump in an early morning tweet on Tuesday credited tariffs for rebuilding the US steel industry. Mr Trump Tweeted that “In one year Tariffs have rebuilt our Steel Industry it is booming! We placed a 25% Tariff on ‘dumped’ steel from China & other countries, and we now have a big and growing industry. We had to save Steel for our defense and auto industries, both of which are coming back strong!”

More than 12,700 jobs have been created or saved at steel and aluminum factories since the president implemented his tariff strategy last year, according to The Washington Post.
 
US consumers and businesses, however, are paying more than USD 900,000 a year for every job saved or created by Trump’s steel tariffs, according to calculations obtained by the Post from the Peterson Institute for International Economics. That is reportedly more than 13 times the typical salary of a steelworker, according to the Labor Department.
 
Trump imposed tariffs on steel and aluminum imports and USD 250 billion on imports from China in 2018.
 
Tensions between the Trump administration and China escalated last week after Chinese officials reportedly backtracked on a previous deal.

Source :

Posted By : Rabi Wangkhem on Thu, 16 May 2019
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