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Sat Dec 21, 2019, 11:42 AM

Why Trump's steel tariff didn't save US Steel workers from layoffs

President Donald Trump told an audience of Pennsylvania union workers last August that his 25% tariff on steel imports was reinvigorating the country's steel industry, and leading companies such as U.S. Steel to expand.

That upbeat assessment is now in question following United States Steel Corp.'s announcement late Thursday that it plans to give layoff notices to take effect later next year to 1,545 workers at its Great Lakes Works production plants, situated in Ecorse and River Rouge on the Detroit River. The plants serve the auto industry.

Steel industry insiders say the layoffs are one likely result of the dramatic drop in steel prices this year and a current supply glut in the market.

Steel prices shot up in the aftermath of Trump's announcement of tariffs in early 2018, only to collapse once older domestic steel plants restarted production and tariff-exempted foreign steel continued arriving on shore.

"Ultimately the steel tariffs did not do what they were designed to do," said Chris Olin, a steel analyst with Longbow Research in Independence, Ohio.

At: https://www.freep.com/story/money/business/2019/12/21/trumps-steel-tariff-us-steel-layoffs/2712706001/



On the chopping block? The U.S. Steel plant on Zug Island, near Detroit.

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Reply Why Trump's steel tariff didn't save US Steel workers from layoffs (Original post)
sandensea Dec 21 OP
mr_lebowski Dec 21 #1
sandensea Dec 21 #2

Response to sandensea (Original post)

Sat Dec 21, 2019, 12:07 PM

1. OR maybe, Chris, you don't really know what they were 'designed to do' ...

You only THINK you do ...

Anyone tired of all the winning yet?

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Response to mr_lebowski (Reply #1)

Sat Dec 21, 2019, 12:14 PM

2. Exactly.

They were "designed" as a media talking point - to fool the Chumpkins into thinking he was, in fact, "making America great again."

As you know, they parrot the "steel jobs are coming back" line to anyone who'll listen - and don't you dare contract them!

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