The American steel industry is, by and large, “very happy” with President Trump’s protective tariffs on imported steel and aluminum.
In an interview with CNN, U.S. steel industry leaders praised Trump’s 25 percent tariff on imported steel, a protection effort designed to bring steel jobs back to the country after free trade deals decimated the industry for the past two decades.
President Donald Trump’s metal tariffs have sent steel prices surging and sparked blockbuster profits for steel manufacturers.
Reliance Steel & Aluminum () hauled in record sales, thanks to an 18% spike in prices. Nucor ( ) recorded the best second quarter in its history. Its profit more than doubled.
“All in all, we’re very happy with tariffs,” Nucor CEO John Ferriola told analysts earlier this month.
American steel workers have also previously thanked Trump for imposing the tariffs on imported steel and aluminum, as Breitbart News has chronicled.
Bronson Jones, who co-owns Banner Metals, recently told the New York Times’ Nelson Schwartz that he sees the tariffs and Trump’s moves to hold China accountable on trade as a benefit to the American economy in the long term.
“I’m not looking at what’s best for Banner right now. I’m looking at what’s best for the national economy,” Jones said. “The U.S. has been taken advantage of for too long.”
American Steel Workers Applaud Trump’s Trade Agenda: ‘U.S. Has Been Taken Advantage of Too Long’https://t.co/UheDxK21Dx
— John Binder 👽 (@JxhnBinder) July 24, 2018
Trump’s tariffs have delivered gains for the U.S. steel industry — which had been decimated by decades of free trade. Last week, Trump visited Granite City, Illinois, where the former steel town announced that, thanks to the president’s protective tariffs, it was rehiring at least 800 American workers who had previously lost their jobs to foreign competitors.
U.S. Steel Manager Neal Whitt credits the success of reopening their Granite City, IL location to President Trump’s dedication to bringing jobs back to America. “I look around here today and I see the smiling faces, we owe that to you Mr. President. Thank you very much.” pic.twitter.com/51nLB08OoO
— The White House (@WhiteHouse) July 28, 2018
For decades, the U.S. has maintained a trade deficit in steel products, importing vastly more steel than the country is exporting. Trump says he wants to change this trend with the implementation of his tariffs.
“In 2014, U.S. imports of steel products reached a near-record high of 40.3 million metric tons, only topped by the 41.3 million metric tons imported in 2006,” a federal report notes of the country’s trade imbalance in steel which has cost millions of American workers their jobs in the industry.
Researchers with the Coalition for a Prosperous America say for every billion dollars of net imports to the U.S., 6,000 American jobs are eliminated in the economy.
After the North American Free Trade Agreement (NAFTA) was implemented, American manufacturing employment plummeted with more than 5.5 million manufacturing jobs being eliminated since 2000.
Since 2001, free trade with China has eliminated at least 3.4 million American jobs for U.S. workers, as Breitbart News reported.