Will New Steel Tariffs End Up Backfiring?
The best that can be said about President Trump’s blessing of Nippon Steel’s purchase of U.S. Steel is that it blocks Cleveland-Cliffs’ play to buy U.S. Steel instead. The worst is that the purchase has become another opening to make U.S. companies less competitive with higher tariff walls on foreign steel. Trump, while in West Mifflin, Pa. to discuss the Nippon deal, announced a consolation prize to United Steelworkers boss David McCall, who had opposed the deal: Doubling steel tariffs to 50%. The President boasted about Nippon Steel’s commitment to invest $14 billion in ...