Please explain how the tariffs caused U.S. Steel to lay off workers. That doesn't make any sense. The overall economy would be the cause of this, while Trump is bragging about a "great economy," demand is down and so less steel is needed.
#9 | POSTED BY DANNI
This is an "I told you so" moment."
Part of it is a global slowdown overseas and part of it is simply the stupid economic policy of putting tariffs on basic resources like steel.
By ditching Chinese steel, the cost of steel in the US has gone up. So projects requiring steel have gotten more expensive here. Some building projects were scrapped, people planning to build have either scaled back or decided against doing so. Manufacturing also took a hit as the cost of steel makes overhead higher and the products less expensive abroad.
Consumer goods products requiring steel also became more expensive meaning consumers couldn't spend the extra money elsewhere.
I mean, why the hell would I manufacture a steel product in the US when I can make it in Canada or Mexico with cheaper steel? I'm far more competitive then.
And of course there are tariffs on us from China now because of our tariffs. US Steel has lost literally 70% of its market value since Trump announced foreign steel tariffs 16 months ago.
Literally EVERYTHING we said was going to happen has happened EXACTLY as we said it was going to.
How did we know it would happen? Because we tried it before under Bush and the exact same damn thing happened.