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Trump Keeps Promise to Confront China, Assess Steel and Aluminum Tariffs

This is why Americans – and yes conservatives, evangelicals, and what was once called the “moral majority – put President Trump in office. Despite his deep flaws, he is a man who is able to stand up to pressure, who despite all the press about him wanting to be liked doesn’t care what people think, and is willing to do what is right. To resist many of his own economic advisors, the Washington establishment, the lobbyists, and the press and do what he thinks is right for American workers. American people got this, even if elite opinion did not.

I remember when I was growing up, U.S. Steel, that was the ultimate company. And today, you have so many closed plants. And the NAFTA deal was a disaster for our country. The WTO has been a disaster for this country, for our country. In fact, the rise of China, economically, was — if you look at it — directly equal to the date of the opening of the World Trade Organization. It has been great for China and terrible for the United States, and great for other countries. But terrible for the United States.

So we’re talking about it, and two of the groups that I want to do some very fast action will probably have everything completed by next week. We’ll be imposing tariffs on steel imports, and tariffs on aluminum imports. And you’re going to see a lot of good things happen. You’re going to see expansions of the companies.

What’s been allowed to go on for decades is disgraceful. It’s disgraceful. And when it comes to a time when our country can’t make aluminum and steel — and somebody said it before, and I will tell you, you almost don’t have much of a country. Because without steel and aluminum, your country is not the same. And we need it.

We need it even for defense, if you think. I mean, we need it for defense. We need great steelmakers, great aluminum makers for defense.

So we’ll probably see you sometime next week. We’ll be signing it in. And you will have protection for the first time in a long while, and you’re going to regrow your industries. That’s all I’m asking. You have to regrow your industries.

3 Responses to Trump Keeps Promise to Confront China, Assess Steel and Aluminum Tariffs

  1. Steel. My family was union, steelworkers union and we prospered and suffered with the union.
    The union crushed the companies who couldn’t keep up with the Japanese.
    Remember 13 week vacations for steelworkers?, Father and Uncle both enjoyed two runs at the 13 weeks. Wages kept going up and up until a steelworker was making as much as an engineer with a college degree.
    Every single benefit you could think of was in the contracts with the steel companies.
    Then, one by one, the closings started, the massive layoffs grew until “steel country” was unemployment country. Promised pensions were iffy at best.
    MrTrump has a good idea, but the start-up costs would be massive. The unions will be studying old contracts for guidance.

    • No surprise the markets were rocked by the tariff announcement today. They will be volatile for a few days or weeks (as if they weren’t volatile now!), I think. What Trump did had to be done, and there is now a period of predictable business uncertainty relative to current business plans, hiring practices (we are already at the lowest unemployment rate since 1949!), investing in new equipment and manufacturing plants (or not) in light of potential increased markets for US products in the US (imagine that!), increased inventory (or not), impact of increased revenues (or not), tax issues with increased inventories and sales, etc. etc. etc. So, yes, a period of uncertainly is at hand because the tariff thing is a BIG deal. It will all be sorted out in a short term as companies announce their new business plans and investments in response to the new tariff regulations. In the end, it will work out very well, we will do better than ever.