My dad used to work for AK Steel back when they were called Armco. AK now is the only U.S. maker of electrical steel, and foreign producers were dumping such, cutting into AK's production. If you think this country can function without domestic steel production if there ever is a major war again, you're as brain dead as the average Democrat.
Steel prices will drop over time as more U.S. capacity comes on-line. Sorry, but your free-trade hogwash no longer sells here.
Exactly. The tariff’s aren’t even in effect yet. There might be a slowdown or some rising prices which, I believe, the President acknowledged, but give the industry a chance to catch up. Instead of hiring the 30 that you were “planning on” hiring, don’t. Take your time and catch your breath.
But Reuters interviews with more than a dozen small to mid-sized manufacturing executives and recent U.S. economic data reveal Trump’s protectionist trade policy is starting to lead some of them to take a more cautious approach, and forcing them to put new investment and hiring plans on hold.
I’d like to ask the exec’s in these companies a couple of things....
1. Would you even be talking about expansion and new investment if it were not for the President? Nope.
2. Would you rather slow down your expansion/new investment, so you don’t over extend yourself and default down the road or just hit the skinny pedal, not caring about 5-10-15-20 years down the road?
I’m no business owner or exec, but the President was, a pretty successful one at that. Our Commerce Secretary isn’t too shabby either. So, I don’t have a problem deferring to their outlook on these topics. Just sayin’....
A red herring argument. Defense accounts for 2-3% of US steel consumption. Military use is a tiny fraction of production and tariffs were not needed to protect it.