On Tuesday the Tax Foundation published an analysis of the state-by-state cost of Trump’s impulsive and ill-advised steel and aluminum tariffs. This analysis does not factor in the temporary exemptions for Canada and Mexico Il Duce included in yesterday’s executive proclamations.
|Percentage of U.S. Primary Metals Imported into State||Impact of 25% Steel Tariff (Thousands of Dollars)||Impact of 10% Aluminum Tariff (Thousands of Dollars)||Total Impact (Thousands of Dollars)|
|District of Columbia||0.0%||$36||$8||$44|
Canada and Mexico provide 26% of our steel imports and 42% of our aluminum imports. Amounts imported from our NAFTA partners surely vary from state to state, but if we apply the above nationwide percentages to South Dakota’s steel and aluminum imports, the NAFTA-excluding tariffs Trump enacted yesterday would cost South Dakota businesses $2.3 million. We can avoid that cost by shifting our steel and aluminum purchases entirely to producers in NAFTA countries.
An analysis from the Trade Partnership doesn’t break down employment impacts by state, but it does calculate that the Trump tariffs would boost metal jobs by 33,464 while putting 179,334 Americans out of work—five jobs lost for every one job gained, net loss of 146,000.
How did President Obama’s 266% tariff on Chinese cold-rolled steel imports impact the US?
MAGA!!! (Trumpistan continues to let people down)
Jason, let’s not do the “what about” game. Let’s talk about the here and now.
I dunno Jason, perhaps you would like to answer your question as Dana P and I would like you to explain. Pray tell sir, how did tat impact the US? Eager ears like mine, await.
jerry and Dana P please don’t feed the troll, there is no reason to encourage irrelevancy.
Since putting tariffs on steel and aluminum will help the steel worker, but screw all manufacturing that uses steel and aluminum, those industries already compete with cheap foreign labor and now will have higher priced steel and aluminum, so those manufactures will either die or scream to congress and they will put tariffs on everything they make as well which will help a lot of workers with jobs and higher pay. Or the whole thing will bomb and the lesson will be to not have tariffs because we sabatoged it the first time. Either put tariffs on everything, or nothing. Putting tariffs on some countries and not others will give our allies a distinct advantage over our own manufacturers. If the goal is to help our workers and manufacturers, we need to do this to everyone and on everything. That will help all our workers the same. This is basically what Sanders and Trump campaigned on in the first place. It will give workers part of that pie that the one percent took away from them.
The proposed tariff’s will not help the steel worker one bit. If this does go into effect, prices will raise more on finished products than they would on raw material, so there is that. Auto makers have already said that the prices will rise if this proposal actually happens hurting consumers, including steel workers. If the need for strategic products is the reasoning, put in subsidies. Subsidize the steel and aluminum industry to make sure they are viable but forgetaboutit with the blanket proposal.
Let’s face it, trump was just pissed that the other countries signed the TPP, he withdrew from. So then, to take the stupid sting off, he wanders aimlessly to then proposed this tariff nonsense.
How often is “hurting consumers” code for hurting stockholders? Prices could certainly be checked by looking to cut costs related to bloated CEO salaries and benefits.
Soybean futures have been getting hammered pretty hard the last couple of days, the news being that China is making noises about cutting U.S. soybean shipments as a retaliatory move. Here’s a market comment on today’s trade that references it. https://www.andersonsgrain.com/market-commentary/market-videos/morning-comments/
Extending the thoughts from John T’s link, here’s Rep. Steve King of Iowa warning that the Trump tariffs could put farmers in another 1980s crisis:
Even better, read these statements from a Trumpy CEO who makes (called it!) grain bins:
Even Iowans who like Trump don’t like the tariffs.
trump is not gonna do the tariff’s any more than he is going to North Korea. Stormy Daniels needed to be taken from the front page, this is how it is done. In the meantime, we are gonna need another 16 billion with a B to keep the F35 in the air.
“The jets will need $10.8 billion for software development and $5.4 billion for deploying the updates and other procurement.” This bondoggle needs to be scrapped, we can use the metals recycled for grain handling equipment.
On a sidenote, anyone else think it is interesting that a major player in the trump advisery position sells his stock, pockets 35 million and now steel prices have inched up in the last 90 days? Insider trading?? naw..they wouldn’t do that..would they?
Right on Roger!! If you are going to put on tariffs, put them on everything. Should have been done decades ago just to counteract our ridiculously over valued money. The number one reason we have run a policy of import everything export nothing for ages.
Trumpy’s tariff’s on solar panels are easy to explain…..they help out the energy monopoly’s. How you really explain these I can’t get my head around. They do nothing but hurt the tiny bit of manufacturing we have left in this country.
While we are doing the across the board tariffing, we ought to include in that any US company with a foreign corporate headquarters…..we can’t tax the SOB’s so lets at least tariff them!
Roger – “no reason to encourage irrelevancy” …..funny. Good point!
So, now trump put tariffs on some countries and not others. We can import cheap steel from Canada, so steel will not go up in price so absolutely no good effect for the steel industry. China can decide not to import soybeans but they will buy them from someone and the food will find the mouths. Total tariff on steel or none, trump has just irritated a lot of people and a few have gone away laughing because they have totally undone what he thought he was doing.
I am thinking this tariff farce will come to an end next week when republicans in congress pull the rug out from under this latest scheme. This has done two things, tried to influence the special election in Pennsylvania and more importantly, take the subject of Stormy Daniels out of the national spotlight.