Trump says his steel tariffs will save the U.S. industry: WSJ

[webfact]

Trump says his steel tariffs will save the U.S. industry: WSJ

 

FILE PHOTO: U.S. President Donald Trump speaks about trade at the Granite City Works steel coil warehouse in Granite City, Illinois, U.S., July 26, 2018. REUTERS/Joshua Roberts/File Photo

 

WASHINGTON (Reuters) - President Donald Trump said on Wednesday his tariffs on foreign steel are saving the U.S. industry and he predicted that in the future American steelmakers will mostly face domestic competition, the Wall Street Journal reported.

 

In a 20-minute interview with the newspaper, Trump said some people may complain that steel prices may be "a little more expensive" in the short term because of the tariffs, but that ultimately they will drop. (https://on.wsj.com/2KYrku2)

 

He told the Journal the 25 percent tariffs on steel will rescue an industry important to U.S. national security.

 

As a result of the tariffs, competition will be "internal, like it used to be in the old days when we actually had steel, and U.S. Steel was our greatest company," he told the newspaper.

 

-- © Copyright Reuters 2018-08-16

[darksidedog]

That isn't what the economists out there reckon, who are saying it will cost 400,000 American jobs.

https://qz.com/1297697/trumps-steel-tariffs-will-cost-the-us-400000-jobs-says-economists-now/

[bristolboy]

If you're going to impose tariffs - and I'm not saying you should - the stupidest way to do it is to impose them on primary goods like steel. Far more effective and less destructive of domestic jobs to impose tariffs on finished goods.

[Kiwiken]

5 hours ago, bristolboy said:

If you're going to impose tariffs - and I'm not saying you should - the stupidest way to do it is to impose them on primary goods like steel. Far more effective and less destructive of domestic jobs to impose tariffs on finished goods.

You do not negotiate new terms of trade by slamming your fist on the table an saying this is how it is. You do it by negotiating. Something Trump seems incapable of

[My Thai Life]

I think I can understand why some Americans feel ripped off internationally (I'm a Brit).

 

But trying to fix 21st century international trade with 19th century thinking is not likely to succeed.

 

In the 19th century, how many finished products weren't made entirely in one country? Probably more than we might think, but it pales into insignificance when compared to...

 

In the 21st century, how many finished products are made in one country? Even many farm products depend on an international supply chain just to be grown,  never mind getting to market.

[JulesMad]

1. Everything trumpy says is a lie

2. He has NEVER been accused of knowing real FACTS

3. He knows everything better than any specialist in any field...

 

Do you seriously think he knows anything about economics and/or business? His track record speaks for itself...

How stupid you have to be to believe anything this complete idiot says?

[spidermike007]

Tiny Don's tariffs are a tax hike on the lower and middle class. They will decimate the US economy. He is moving America backwards every day he is in office, due to an utterly incompetent administration, subpar brains like Ross, Mnuchin, Navarro and especially Trump. And his inane, and adolescent tweets are the wrong way to negotiate. But, since he could not negotiate his way out of a paper bag, that is not surprising. 

 

The man is unhinged. Omaroso got that right. He is clinically insane. He is beyond unstable. And he is anything but a genius! Lock him up. That is the best solution for America.

 

[Neeranam]

About time a US president stood up for the people. It's rather sad that the people can't realize it, in the most part.

The economy is going to crash, and Trump is the only one capable of stopping it.

No other recent president had a clue and built up a debt of 21 trillion dollars, with absolutely no intention of ever paying it back, a terrible mess.

 

[farcanell]

7 hours ago, bristolboy said:

If you're going to impose tariffs - and I'm not saying you should - the stupidest way to do it is to impose them on primary goods like steel. Far more effective and less destructive of domestic jobs to impose tariffs on finished goods.

Lol

 

im not sure about the total scope of the counter tariffs applied against US products, but if intelligent people impose tariffs on finished goods, then I’ll go ahead and speculate that these counter tariffs are on finished goods ?

[farcanell]

41 minutes ago, Neeranam said:

About time a US president stood up for the people. It's rather sad that the people can't realize it, in the most part.

The economy is going to crash, and Trump is the only one capable of stopping it.

No other recent president had a clue and built up a debt of 21 trillion dollars, with absolutely no intention of ever paying it back, a terrible mess.

 

Seriously?

 

i suppose with enough twisting of facts, one can conclude anything, f one is so inclined

 

so.... let’s look at it realistically.

 

in the last ten years, US debt has increased by about 11 trillion dollars.... on average, that’s 1.1 trillion a year

 

Donald has increased the debt by 1 trillion dollars under his first budget (1 trillion in 14 months)

 

Given this.... adding trumps fiscal year, the average annual increase will still be around 1 trillion dollars a year... ergo trump and Obama spendings are comparable..... so yap yapping about this s a non issue.

 

that said... analysts predict that annual debt may increase by up to 3 trillion a year, under trump, in the years to come. Yes... I know it’s just a prediction.... but claiming he will reduce the debt, is just a prediction as well. (Although some may say it’s a fantasy)

 

as a side note, to suggest that trump is the only one capable of saving the economy, is ridiculous, when considering that, unlike other leaders of the free world, trump has filed for six bankruptcies.... ergo he’s more likely to bankrupt the US, than any other president  

[Small Joke]

13 minutes ago, Neeranam said:

About time a US president stood up for the people. It's rather sad that the people can't realize it, in the most part.

The economy is going to crash, and Trump is the only one capable of stopping it.

No other recent president had a clue and built up a debt of 21 trillion dollars, with absolutely no intention of ever paying it back, a terrible mess.

 

I doubt the Lord himself could avert the looming global shitfight. The central bankers and fed are the culprits.  Trump is no more capable of stopping it than anyone else, we're heading for the waterfall,  it's way too late to make the shoreline now.

[stevenl]

5 minutes ago, farcanell said:

Seriously?

 

i suppose with enough twisting of facts, one can conclude anything, f one is so inclined

 

so.... let’s look at it realistically.

 

in the last ten years, US debt has increased by about 11 trillion dollars.... on average, that’s 1.1 trillion a year

 

Donald has increased the debt by 1 trillion dollars under his first budget (1 trillion in 14 months)

 

Given this.... adding trumps fiscal year, the average annual increase will still be around 1 trillion dollars a year... ergo trump and Obama spendings are comparable..... so yap yapping about this s a non issue.

 

that said... analysts predict that annual debt may increase by up to 3 trillion a year, under trump, in the years to come. Yes... I know it’s just a prediction.... but claiming he will reduce the debt, is just a prediction as well. (Although some may say it’s a fantasy)

 

as a side note, to suggest that trump is the only one capable of saving the economy, is ridiculous, when considering that, unlike other leaders of the free world, trump has filed for six bankruptcies.... ergo he’s more likely to bankrupt the US, than any other president  

I would say he is more likely to cause a crash than prevent it.

 

And to add, a major part of the deficit increase under Obama was caused by the economical push after the disaster left just before he started.

[Neeranam]

2 minutes ago, stevenl said:

I would say he is more likely to cause a crash than prevent it.

 

And to add, a major part of the deficit increase under Obama was caused by the economical push after the disaster left just before he started.

Whoever started it, it's a disgrace that the largest economy in the world is so irresponsible, and dishonest.

Previous presidents gave the go ahead to just keep printing more $$$.

[stevenl]

33 minutes ago, Neeranam said:

Whoever started it, it's a disgrace that the largest economy in the world is so irresponsible, and dishonest.

Previous presidents gave the go ahead to just keep printing more $$$.

And the guy you are defending is even worse with needless increase of the deficit, like his tax break, trying to get a useless wall in the budget, etc.

Edited August 16, 2018 by stevenl

[strikingsunset]

Trump must be taking advice from leading economists- young guns- this guy is no fool.


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[Tug]

Trump is a simpleton we will all be paying more for less many will go out of business in many counterys many will lose all higher taxes less return but don’t worry trumpers Donald will be richer and let’s not forget the added debt so your grandkids can pay for this incompetent tired of winning yet?

[joecoolfrog]

26 minutes ago, stevenl said:

And the guy you are defending is even worse with needless increase of the deficit, like his tax break, trying to get a useless wall in the budget, etc.

Waste of time quoting real facts to the fan boyz , they dont want to know anything that might belittle their messiah.

[Lacessit]

This is delusional. In my working life I had many opportunities to observe the decline of the US steel industry.

The steel industry in the US is sourcing its raw material from 30% iron taconite in the Mesabi range. Meantime, the Chinese, Japanese and Koreans are sourcing 60% plus iron ore from Australia and Brazil.

I mean, it doesn't take Einstein to work out where the US steel industry is going.

[duanebigsby]

19 minutes ago, strikingsunset said:

Trump must be taking advice from leading economists- young guns- this guy is no fool.


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Trump taking advice from experts?

Laughable

He has surrounded himself with greedy corporate leaders who don't care about anything but profits for shareholders while extolling the (false)benefits to the middle class.

 

He has surrounded himself with the swamp he promised to eliminate.

[lostlink]

In the last 3 or 4 years the UK and EU both imposed steel tariffs, all was fine and dandy but, if the USA has steel tariffs suddenly it's a bad thing.

 

Go figure......

[bristolboy]

4 hours ago, Neeranam said:

About time a US president stood up for the people. It's rather sad that the people can't realize it, in the most part.

The economy is going to crash, and Trump is the only one capable of stopping it.

No other recent president had a clue and built up a debt of 21 trillion dollars, with absolutely no intention of ever paying it back, a terrible mess.

 

I would point out to you that Trump's budget greatly increased budget deficits. Even the White House now admits that they underestimated the size of the deficit. And this is when the economy is performing well.

[candide]

8 hours ago, strikingsunset said:

Trump must be taking advice from leading economists- young guns- this guy is no fool.


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Nope and that's the main problem. Reagan also had limited competences but he knew his limitations and was able to choose advisers and secretaries of state, and listen to them (i.e. Kissinger). Trump mainy chooses people like him as advisers, and keeps them only if they don't contradict him (or alternatively they resign because they are fed up with the moron). Trump's main adviser is Trump himself. ?

[candide]

5 hours ago, lostlink said:

In the last 3 or 4 years the UK and EU both imposed steel tariffs, all was fine and dandy but, if the USA has steel tariffs suddenly it's a bad thing.

 

Go figure......

On Chinese steel. Everybody agrees that it was a case of dumping by China. 

[Stargeezr]

Steel I do not understand. Lead  I understand a bit better.

[mikebike]

18 hours ago, strikingsunset said:

Trump must be taking advice from...


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Whoa. Stop right there. I know the answer!!

 

"The last person in the room"!!

 

Do I win a prize?