Levin and I agree on this lurching action. It is too much, too fast and terribly inflationary. It smacks of Smoot-Hawley in too many ways. Nobody, especially Trump, cares what I think but this is a wrong headed move that will shock the economy in the short term and do very little good in the long term. It will make us even less competitive in the world. It is in the same family as isolationism.
If a tariff was not good to support the domestic oil industry when it was down on its knees why is it good for steel and aluminum. The oil industry found its own way to compete and did. It took a long time but they did it and now look where we are.
This steel and aluminum tariff is a bad idea and will come to no good.
Tax finished goods to benefit US business. Finished goods are where the bulk of the trade deficit lies.
It is strictly a tax to support the country. If it supports any industry, it is an ancillary benefit/concern.
Any tax shifted to foreign goods is a tax we can reduce on reportable income or on locally-made goods. It’s a definite win, as long as it reduces these other burdens.