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ICYMI: The Trade War is Harming America. Congress Should End It.

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Unread 10.09.19, 02:56 PM
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ICYMI: The Trade War is Harming America. Congress Should End It.

10.09.19 08:08 AM

Americans for Prosperity Trade Policy Fellow Dan Pearson | Morning Consult Looking back at the past year and a half of the trade war, which side has the stronger case, Team Tariff or Team Trade? The trade war began when President Donald Trump imposed*25 percent tariffs on steel imports in March 2018*under Section 232 of the Trade Expansion Act of 1962, ostensibly to protect national security. … Even though steel mills are supposed to be doing well under the tariff regime, things seem not to be going so smoothly. U.S. Steel Corp.*announced*in June it would shut down blast furnaces in Gary, Ind., and Detroit because of “decreasing steel prices and softening end market demand.” In July, NLMK Pennsylvania*laid off at least 80 workers. … Import restrictions have given the United States some of the highest steel prices in the world. … Now the job losses caused by steel protectionism come into focus. Artificially high steel prices lead to declining competitiveness for downstream manufacturers that use steel as an input.* Those firms can find it impossible to compete effectively against products imported from countries that have access to world-price steel. … The bad news is that the Trump administration appears set […]

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