Trump believes his tariffs are saving the American steel industry

President Donald Trump believes that his divided tariffs for metals will save the American steel industry. Despite any inconveniences the taxes have caused so far.

In an interview given to The Wall Street Journal, the president claimed that his commercial actions will reduce foreign competition. They will also support the national steel industry. While steel prices could be temporarily „a little more expensive” – ​​​​which led to criticism from some economists, Republican lawmakers and companies that use steel inputs. These tariffs will eventually show their results by increasing the companies in the U.S.

He claimed that the openings of some steel factories show that his tariffs are working. And it creates an industry „in full expansion”, according to the American publication.

Many economists, business leaders and even members of their own party disagree.

Tariffs imposed on imports from the American steel industry

At the beginning of this year, the president imposed tariffs of 25% and 10% on steel imports. And respectively aluminum from most countries. The move drew blows from China, the European Union, Mexico and Canada, which have imposed tariffs on U.S. products. These actions have led to fears of a trade war that would affect the growth of the United States economy.

The president has repeatedly promised that any damage caused to companies facing higher steel costs or farmers struggling with lower prices as a result of retaliatory tariffs on agricultural products will only be temporary as he pushes major trading partners to negotiate new free trade agreements. He claims that the moves will also protect American workers affected by foreign competition.

While some companies have opened new steel mills this year since Trump imposed the tariffs, other companies that have seen higher steel costs have announced job cuts.

Article source: https://www.cnbc.com/2018/08/16/trump-says-his-tariffs-are-saving-us-steel-industry.html