We don’t want to get caught in a trade war. That is the mantra Americans hear on a regular basis. Every time the concept of raising the tariff comes up, in fact. Raising the United States’ nonexistent tariff is a fear trigger for globalists for some reason. It’s as if they think the nation will no longer be a dumping ground for inferior products from other countries.
Not many American industries have been damaged by the lowering tariffs of imports into the United States like the steel industry. In fact, not having much of a tariff all but killed the product that built Pittsburgh. President Donald Trump is set to rectify that with a move that has sent many a globalist searching for their smelling salts.
Coming soon to the world: 25% tariff on steel, 10% on aluminum.
During his presidential campaign, Mr Trump said that foreign countries were “dumping vast amounts of steel all over the United States, which essentially is killing our steelworkers and steel companies”.
And since taking office, Mr Trump said cheap imports from China were harming the viability of industry in the US, which is the world’s biggest importer of steel.
China isn’t the only country to export the material to the US – 110 countries and territories do so. And China is only the 11th biggest exporter to the US – some US allies, including Canada, Japan and South Korea are among the 10 biggest sources of steel for the US, and they all face a big bump in costs.
The recommendation to impose tariffs was made in a report by Secretary of Commerce Wilbur Ross.
To put it mildly, it’s about friggin’ time. To President George W. Bush’s credit, he did take some protective action when it comes to the steel industry in the name of national security, but raising the tariff on imports was not among the moves. New tariffs that level the playing field benefit everyone in the long run.