Generally speaking, I’m not a huge fan of the word “tax” in any context. But in this case, if we’re unable to maintain our own raw materials industries due to dumping, what happens if/when we end up in a war with one of our “suppliers”? Raw materials — especially steel and aluminum — are indispensable commodities, not just for consumer products but also for defense.
It has helped US steel manufacturers somewhat but benefits manufacturers outside the US who aren't required to purchase US materials.