Mainecat Posted May 18, 2021 Share Posted May 18, 2021 How Trump's Steel Tariffs Failed The U.S. and European Union on Monday announced a truce on steel and aluminum tariffs, heading off a June 1 escalation as the two sides negotiate over “global excess capacity” and a potential tariff repeal. That’s a small step forward, but President Biden would do far more good for the U.S. economy if he rolled them back unilaterally. The evidence is overwhelming that Donald Trump’s tariffs have benefited the few to the detriment of the many. Consider the roughly 300 American manufacturers that wrote to Mr. Biden this month, protesting scarce metal materials and unsustainable prices. The bulk of the signatories were unsung industrial companies with names like Ohio Screw Products or Clips and Clamps Industries. “On some products,” they said, “American businesses pay 40 percent more for similar steel compared to their European counterparts.” Lead times have risen from six weeks to 20 weeks, “with some products not promised for delivery until 2022.” Mr. Biden’s big infrastructure plans could worsen the strain. (snip) Meantime, the tariffs hurt industries that buy and use steel, plus their workers and millions of consumers. A 2019 Federal Reserve paper estimated that higher steel prices led to a loss of 75,000 manufacturing jobs. As one example, Europe’s retaliatory tariffs on Harley-Davidson led it to shift some production overseas. Another tariff analysis said that each new steel job cost consumers $900,000. Tariffs begat tariffs, as Mr. Trump tried to prop up steel makers further by levying (unlawfully, a court later said) additional taxes on metal imports like nails. Companies that couldn’t reorganize their supply chains, maybe because they needed specialized parts not available in the U.S., had to go begging—and politicking—for tariff exclusions from Washington. Mr. Trump justified his tariffs by invoking national security based on an obscure 1962 law, which wasn’t a believable story at the time and still isn’t. His own man at the Pentagon said the military requires only 3% of U.S. steel and aluminum production. Mr. Trump’s protectionism failed by its own terms, and Mr. Biden won’t get a better chance to jettison it. https://www.wsj.com/articles/how-trumps-steel-tariffs-failed-11621288859 Quote Link to comment Share on other sites More sharing options...
Fireball 440 Posted May 18, 2021 Share Posted May 18, 2021 How quickly you forget why those tariffs are there. China. Quote Link to comment Share on other sites More sharing options...
Mainecat Posted May 18, 2021 Author Share Posted May 18, 2021 You've chosen to ignore content by Fireball 440. Options Quote Link to comment Share on other sites More sharing options...
Fireball 440 Posted May 18, 2021 Share Posted May 18, 2021 Winning! 1 Quote Link to comment Share on other sites More sharing options...
Fireball 440 Posted May 18, 2021 Share Posted May 18, 2021 Quote Link to comment Share on other sites More sharing options...
racer254 Posted May 18, 2021 Share Posted May 18, 2021 Constant bombardment of articles like this is why we have the shit policies we currently do. MC and others like him fail to understand why these articles are sent to people like him. 1 Quote Link to comment Share on other sites More sharing options...
Gold Member Stephen Hawking Posted May 18, 2021 Gold Member Share Posted May 18, 2021 Biden must have done something stupid and he's trying to divert attention. 1 Quote Link to comment Share on other sites More sharing options...
Fireball 440 Posted May 18, 2021 Share Posted May 18, 2021 After canceling the XL, there should be plenty of cheap steel everywhere. Quote Link to comment Share on other sites More sharing options...
Ez ryder Posted May 18, 2021 Share Posted May 18, 2021 Lmfao so the escalating cost and scarcity of raw goods is trumps tariffs now. Lmfao . Every one knew if Trump lost Biden would cave and look like a wet rag on every front that benefits other counterys and fucks the American worker . And mostly the union worker to boot. Quote Link to comment Share on other sites More sharing options...
Ez ryder Posted May 18, 2021 Share Posted May 18, 2021 Quote Link to comment Share on other sites More sharing options...
Fireball 440 Posted May 18, 2021 Share Posted May 18, 2021 Quote Link to comment Share on other sites More sharing options...
Tinker Posted May 18, 2021 Share Posted May 18, 2021 Must drive them fuckin crazy knowing Trumps Vaccine is racing through their veins Quote Link to comment Share on other sites More sharing options...
Sleepr2 Posted May 18, 2021 Share Posted May 18, 2021 6 hours ago, Ez ryder said: Poor McLiar Quote Link to comment Share on other sites More sharing options...
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