A man walks into the United States Steel Corporation plant from the town of Clairton on March 2, 2018 in Clairton, Pennsylvania.
President Donald Trump’s proposed tariffs can’t save the dying steel in addition to aluminum industry, former Commerce Secretary Carlos Gutierrez told CNBC on Monday.
Gutierrez, who headed the Commerce Department coming from 2005 to 2009 under then-President George W. Bush, said steel in addition to aluminum jobs have been in a decline ever since they peaked in 1953.
“in addition to to suggest which we’re going to bring back these industries is actually a little naive,” Gutierrez, at This particular point chairman of Albright Stonebridge Group, told “Squawk Box.” “Why is actually the item which you’re focused on bringing back industries which have been in a decades-long decline instead of creating completely new industries?”
“the item’s the way of the planet,” added Gutierrez, who was also the former chairman in addition to CEO Kellogg.
Bush tried steel tariffs of as much as 30 percent on imports in 2002. nevertheless the levies were quickly lifted — less than two years into a planned three-year run — because of threats of relatiation coming from European trading partners.
Trump announced plans on Thursday for tariffs of 25 percent on imported steel in addition to 10 percent on aluminium products, sparking fears of a trade war in addition to sending the stock market into a tailspin. The next day, Commerce Secretary Wilbur Ross told CNBC which Trump’s tariffs are “no big deal.”
In a tweet Monday, Trump signaled which his tariffs may not be implemented, at least for Canada in addition to Mexico, if a “fair” NAFTA agreement is actually negotiated. Ministers coming from the U.S., Canada in addition to Mexico meet on Monday to wrap up the latest round of NAFTA talks.
@realDonaldTrump: We have large trade deficits with Mexico in addition to Canada. NAFTA, which is actually under renegotiation right at This particular point, has been a bad deal for U.S.A. Massive relocation of companies & jobs. Tariffs on Steel in addition to Aluminum will only come off if completely new & fair NAFTA agreement is actually signed. Also, Canada must..
Trump’s actions are protectionist, Gutierrez said, adding which policy style has never genuinely worked. “the item’s not Great for the global economy,” he said.