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U.S. Steel and Aluminum Imports to Face New Tariffs

posted by martyb on Friday March 02 2018, @10:29PM   Printer-friendly
from the so-now-our-cars-and-buildings-will-all-cost-more dept.

takyon writes:

US steel and aluminium imports face big tariffs, Trump says

President Donald Trump has said he will sign off on steep tariffs on steel and aluminium imports next week, hitting producers like Canada and China.

Flanked by US metals executives at the White House, he said a 25% tariff would be slapped on steel products, and a 10% tariff would be imposed on aluminium.

Mr Trump tweeted that the US was suffering from "unfair trade".

The US imports four times more steel than it exports, and is reliant on steel from more than 100 nations.

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US Government Puts Tariffs on Imported Solar Cells, Solar Modules, and Washing Machines

Original Submission

 
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  • (Score: 2) by c0lo on Friday March 02 2018, @10:58PM (4 children)

    by c0lo (156) Subscriber Badge on Friday March 02 2018, @10:58PM (#646680) Journal

    Number of jobs in steel and aluminium - under 300k in 1990, at about 130k now.
    Number of jobs in manufacturing that uses steel and aluminium (and who will pay more on their input) - over 4M today, about the same level in 1990.

    Source [bloomberg.com] citing U.S. Bureau of Labor Statistics.

    Last time it happened (same source):

    Steel tariffs work! That is, when President George W. Bush levied tariffs of 8 percent to 30 percent on steel imports in March 2002, it did seem to have a detectable positive impact on steel industry employment.
    For about a year after the tariff was imposed, steel industry employment stopped falling. Yay! Then the decline resumed amid a brewing global trade battle. Bush lifted the tariffs in December 2003. A few months after that, steel industry employment stopped falling again. So ... maybe tariffs don't work so well.

    --
    https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford
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  • (Score: 0, Troll) by Ethanol-fueled on Saturday March 03 2018, @01:07AM (3 children)

    by Ethanol-fueled (2792) on Saturday March 03 2018, @01:07AM (#646743) Homepage

    Fuckhuge construction uses rebar, I-beams and all other kinds of steel. Joe-shit the ragman who wants a new swimming pool or a new concrete pad uses rebar. Trump has an infrastructure bill coming.

    " B-b-but what about national debt and becoming bankrupt? "

    Then our creditors had better shut their fat stinkin' mouths or else we'll blow them up.

    • (Score: 2) by c0lo on Saturday March 03 2018, @03:20AM (2 children)

      by c0lo (156) Subscriber Badge on Saturday March 03 2018, @03:20AM (#646797) Journal

      Then our creditors had better shut their fat stinkin' mouths or else we'll blow them up.

      You know that the creditors can shut their purse up. Sure, go ahead, print worthless paper.

      --
      https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford

      • (Score: 3, Touché) by deimtee on Saturday March 03 2018, @04:56AM (1 child)

        by deimtee (3272) on Saturday March 03 2018, @04:56AM (#646848) Journal

        Somebody* should tell Trump that while they sold the right to print money to the private bankers who own the Federal Reserve, he still retains the power to mint coin and that there is no limit on the face value of coins. He can mint a hundred coins with a face value of a trillion dollars each and pay off the debt if he wants.

        (*'somebody' here means an anarchist who wants to watch as the world burns, set to the music of screaming economists.)

        --
        If you cough while drinking cheap red wine it really cleans out your sinuses.

        • (Score: 2) by fritsd on Saturday March 03 2018, @12:37PM

          by fritsd (4586) on Saturday March 03 2018, @12:37PM (#647024) Journal

          He can mint a hundred coins with a face value of a trillion dollars each and pay off the debt if he wants.

          Well.. I can imagine Trump agrees with the first half of your proposal, at least... is that good enough?

          I had this picture in my mind: Trump goes swimming [wikipedia.org]