Saul Loeb | AFP | Getty Images
President Donald Trump speaks about trade at US Steel’s Granite City Works in Granite City, Illinois July 26, 2018.
President Donald Trump believes his divisive metals tariffs will save the American steel industry — despite any pain the duties have caused so far.
In an interview Wednesday with The Wall Street Journal, the president contended of which his trade actions might reduce foreign competition as well as also also boost a flagging industry. While steel prices may temporarily be “a little more expensive” — which has prompted criticism through some economists, Republican lawmakers as well as also also companies of which use steel inputs — the tariffs will ultimately pay off by boosting U.S. companies, the president contended.
He argued of which steel plant openings show his tariffs are working as well as also also creating a “booming” steel industry, according to the Journal.
Many economists, business leaders as well as also also even members of his own party disagree.
Earlier This particular year, the president imposed tariffs of 25 percent as well as also also 10 percent on imports of steel as well as also also aluminum, respectively, through most countries. The move prompted blowback through China, the European Union, Mexico as well as also also Canada, which put tariffs on U.S. products. The actions led to fears of a trade war of which might affect a widening swath of the U.S. economy.
The president has repeatedly promised of which any damage to firms of which see higher steel costs, or farmers of which struggle with lower prices due to retaliatory duties on agricultural products, might only be temporary as he pushes major trading partners to negotiate fresh free trade deals. He says the moves will also protect American workers hurt by foreign competition.
While some steel companies have opened fresh plants This particular year since Trump levied the tariffs, some other companies which have seen higher steel costs have announced workforce reductions.
Read the full Wall Street Journal story here.