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Tariffs on imported steel/aluminum will cause the price of domestic steel to increase considerably so manufacturing in the US won’t be profitable. Shutting down auto plants makes sense.
That steel tariff adds $10 to the monthly lease payments, if that. Nobody cares.
Here is a link, I’ve read others also. The Europeans are planning on doing the same thing - targeting battleground districts and Red States. I wonder who is helping them pick this odd list for tariffs?
Heidi Brock, president and CEO of the Aluminum Association, shares a common goal with Trump: a thriving US aluminum industry. She’s worried his proposal lets the real culprit off the hook—China.
In its current form, Trump’s proposed 10% tariff on imported aluminum would apply equally to all countries. America imports 90% of the aluminum (paywall) it uses. Canada is the top exporter to the US, followed by Russia.
The authors of the letter believe Trump should target China’s massive aluminum overcapacity, which has flushed the market with cheap materials, instead of penalizing the industry’s North American and European trade partners. As it stands, China is the US’ fourth-largest source for foreign aluminum.
If Canada doesn't want to be reasonable or fair, then we'll just produce our own steel & be a much stronger nation for it.
Linked below is what's happened in the US steel industry over the past year. You can believe there will be many more to come. Just as multinational corporations bought old Canadian steel mills & got them operating in order to sell steel to the US, now they'll buy old US steel mills and get them operating in order to sell steel to the US.
Consumers pay more -- that's what happens -- how do we 'win' with that.
Funny thing, when fast food restaurants raise their starting wage to $17 an hour everybody nobody worries about higher food prices but now that Trump is tacking a few cents to the price of aluminum, CNN dispatches their crack team to investigate the impact on the price of beer.
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