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What the Covidiot doesn't understand is that you don't make money from manufacturing steel - you make money by buying cheap steel from foreign companies and then build the steel into something valuable. The money is in turning steel into product, not in the manufacturing.
In effect, the tariff hit the steel industry like a big sledgehammer. This is one of the reasons why the Midwest was in decline before Covid hit.
Four years later, Great Lakes Works - once among the state’s largest steel plants - has shut down steelmaking operations and put 1,250 workers out of a job. A year before the June layoffs, plant owner United States Steel Corp called off a plan to invest $600 million in upgrades amid deteriorating market conditions.
While the tariffs failed to boost overall steel employment, economists say they created higher costs for major steel consumers - killing jobs at companies including Detroit-based automakers General Motors Co and Ford Motor Co. Nationally, steel and aluminum tariffs resulted in at least 75,000 job losses in metal-using industries by the end of last year, according to an analysis by Lydia Cox, a Ph.D. candidate in economics at Harvard University, and Kadee Russ, an economics professor at the University of California, Davis. In all, they estimated, the trade war had caused a net loss of 175,000 U.S. manufacturing jobs by mid-2019.
What the Covidiot doesn't understand is that you don't make money from manufacturing steel - you make money by buying cheap steel from foreign companies and then build the steel into something valuable. The money is in turning steel into product, not in the manufacturing.
In effect, the tariff hit the steel industry like a big sledgehammer. This is one of the reasons why the Midwest was in decline before Covid hit.
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Gee-wiz I hope the laid-off steel workers will be able to find new jobs.
Status:
"Smartened up and walked away!"
(set 20 days ago)
11,767 posts, read 5,781,921 times
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Quote:
Originally Posted by beb0p
What the Covidiot doesn't understand is that you don't make money from manufacturing steel - you make money by buying cheap steel from foreign companies and then build the steel into something valuable. The money is in turning steel into product, not in the manufacturing.
In effect, the tariff hit the steel industry like a big sledgehammer. This is one of the reasons why the Midwest was in decline before Covid hit.
.
Oh - you came up with a new name - so much for acting your age. But then again - who in their right mind thinks buying cheap low quality steel is in the best interest of the US people - both in terms of safety and longevity.
The Bay Bridge was one of the projects outsourced to the Chinese - it was a disaster and cost way more than anticipated due to the problems with faulty materials incompetent engineers. China is not the builder of old - the Great Wall has lasted thousands of years - within the past 5 yrs due to poor quality materials and engineering they've had 37 bridge collapses. They don't have the regulations we do when it comes to production and it shows.
Status:
"Smartened up and walked away!"
(set 20 days ago)
11,767 posts, read 5,781,921 times
Reputation: 14186
May I add that all production here is often hampered by over regulation - some good - some bad. The US is not the only place we see this happening to our steel plants - The UK is experiencing the same problem.
Oh - you came up with a new name - so much for acting your age. But then again - who in their right mind thinks buying cheap low quality steel is in the best interest of the US people - both in terms of safety and longevity.
The Bay Bridge was one of the projects outsourced to the Chinese - it was a disaster and cost way more than anticipated due to the problems with faulty materials incompetent engineers. China is not the builder of old - the Great Wall has lasted thousands of years - within the past 5 yrs due to poor quality materials and engineering they've had 37 bridge collapses. They don't have the regulations we do when it comes to production and it shows.
I didn't come up with Covidiot, it's been trending on social media. That's the new nickname until the next big Trump screw up.
75,000 job loss makes whatever lame reason you posted seems moot.
For anyone who cares the article is a hit piece. Trash journalism hiding the results of the Covid shutdown intertwined with estimates from college professors.
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