By Michael Fumento —— Bio and Archives--March 6, 2018
President Donald Trump has announced plans to impose a stiff 25 percent duty on imports of steel and 10 percent on aluminum. This shortly after slapping heavy tariffs on washing machines and solar panels. Even those with protectionist inclinations need to know these metals aren't the industries to protect. Few mining jobs would be saved, while the cost of finished goods will rise and encourage offshoring. And in terms of trade war, it looks to be the equivalent of Sarajevo in June 1914.
Imports make up about a third of the 100 million tons of steel used by American businesses every year, and more than 90 percent of the 5.5 million tons of aluminum. That's a lot. But let's be clear that this isn't about dumping (a country subsidizing exports or in some way selling them for less abroad than at home), notwithstanding Trump's claim at a 2016 campaign rally in Pittsburgh that "China is dumping steel all over the United States, okay? It's killing you."
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