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No one ever said it "wouldn't happen". Of course steel mills will reopen; and price of their products will be higher because of restricted competition.
Steel prices have risen and are expected to continue that trajectory since His Orangeness announced tariffs. United States consumers will pay higher prices for anything made from or with steel (from buildings to washing machines), as manufactures and others simply pass those price increases down the line.
Ignorance of basic economics from certain demographics astounds one. Study after study in countries around the world for over one hundred years all reach same conclusion. Tariffs lead in restricted markets and higher prices. This in turn can (and most often does) fuel inflation.
That last bit is already happening and in typical lunacy from DT the man is now at war with Federal Reserve. Why? Because they are doing their mandated job in trying to control inflation, something largely fueled now by two of actions of His Orangeness; the huge tax cut (sorry, reform), and now tariffs and looming trade wars.
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Ignorance of basic economics from certain demographics astounds one.
Agreed, this man is one of the most ignorant in the country. But much of what now passes for the Democratic party is right up there.
Consumers "subsidize" producers now? Interesting point of view. I never thought of my voluntary purchases as a "subsidy."
What/who determines "market prices?" Isn't the "market price" of any product what the market (consumers) is willing to pay for that product?
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Thought you conservatives supported free market capitalism, but apparently you dont.
Nice try. Free market capitalism has to be a two way street. When it's not; i.e., tariff's are placed on our exports, but we don't place tariffs on imports, it isn't free market capitalism. That's what President Trump has been arguing all along, and he's right. It isn't "fair trade." Would be nice if we could convince our foreign competition not to place tariffs on our products.
A contemporary "steel mill" bears little resemblance to the image of blast furnaces, open hearths and rolling mills that are conjured up in most peoples' imaginations; Here's a link to one which was under construction in Virginia while I lived there -- and that was twenty years ago:
The feedstock for a modern "mini-mill" consists almost entirely of scrap, melted down and recycled by electric furnaces, and converted into a limited line of standardized product. It can be shut down and reactivated at a later date if market condition change, and much of the equipment can be relocated if costs in a particular location (read that "strong union") get too steep.
Certain specialty steels require a component of pig iron smelted directly from ore, so a few blast furnaces remain in operation, but the proportion of feedstock produced in this manner is much smaller.
The last major integrated (ore to finished product) steel mills were Bethlehem's Indiana Harbor facility (1962), and USS' Fairless Works near Morrisville, PA / Trenton, NJ, a few years earlier. Plans for a new USS mill near Conneaut, OH were scuttled around 1970, when the "writing on the wall" became apparent.
This. Worked at one in the cold mill.
The guys there all had stories about their days at the coke ovens, furnace or hot mill. It could be a book called, "Very bad ways to die."
These are the guys that lobbied for the tariffs -- I'm sure of it.
so 500 jobs for them -- and massive closures through the USA for the rest of us -- WOO HOO -- oh and everything more expensive -- WOO HOO -- that's Trump's winning.
[Bhttps://www.cbsnews.com/news/factory-workers-lose-jobs-as-steel-tariffs-put-business-in-crisis-mode/
]Jobs at stake
Steel and aluminum production jobs represent a small segment of the U.S. economy -- about 255,000 jobs in steel and 61,000 in aluminum, according to Moody's Investors Service.
Manufacturers and end users make up a much larger portion of the economy. That means tariffs on raw materials, combined with retaliation from angry trading partners, may end up causing more harm than good. An estimate from consulting firm Trade Partnership forecast about 400,000 U.S. jobs lost versus 26,000 created as a result of the metal tariffs. [/b]
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