As the New York Times (and everyone else) reports:
President Trump defied opposition from his own party and protests from overseas on Thursday as he signed orders imposing stiff and sweeping new tariffs on imported steel and aluminum. But he sought to soften the impact on America’s closest allies with a more flexible plan than originally envisioned.
After a week of furious lobbying and a burst of last-minute internal debates and confusion, Mr. Trump agreed to exempt, for now, Canada and Mexicoand held out the possibility of later excluding allies such as Australia. But foreign leaders warned of a trade war that could escalate to other industries and be aimed at American goods…
…Mario Draghi, the president of the European Central Bank, said on Thursday that a plan to impose broad tariffs that hit allies was “dangerous” and could undermine national security.
“If you put tariffs against your allies,” Mr. Draghi said at a news conference in Frankfurt, “one wonders who the enemies are.”
The tariffs will officially take effect in 15 days.
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Well, this is going to be a shitshow.
It will hurt almost everyone – steel and aluminum are used in almost all products.
In Colorado, Pueblo steelworkers might benefit – https://www.evrazna.com/LocationsFacilities/RockyMountainSteelMills/tabid/71/Default.asp – but it is certain that the number of people who will feel economic pain is much higher than the number of people who reap an economic gain. And if the economy tanks, even US steel and aluminum manufacturing might suffer from a drop in demand.
Not everyone loses!
Russia wins… to the extent that the US trade and alliances are disrupted.
Russia wins.
The steelworkers win (sort of – they have the same macro economy we do and this is going to hurt.).
Why don't we tariff the hell out of coal and put coal workers back to work?
Or cars and let automakers expand?
You know, I might have supported steel tariffs 30 years ago when the industry was being hollowed out. But now, there is not really much US steel industry to protect.
We import little or no coal. It's problem is that natural gas is superior and cheaper. Plus eastern coal is more expensive and has more sulphur than western coal. I've been to underground mined and strip mines. As a worker, strip mining id great, you're outdoors in sunshine and fresh air. Eastern coal mining is a terrible job. Nobody should have to live and die that way.
We'll see if Republicans in Congress (or even Trump's midnight phone buddies) can either get further exceptions for our allies, or (not holding my breath for this one), pass a bill nullifying the tariffs.
The mega-wealthy don't like to see their portfolios shrinking because Every Dollar Matters!
Much ado about nothing from an economic impact. Exemptions, baby, exemptions.
Bigly win for the Dumpster® vis à vis his base.
Curious that the implementation of this is 15 days out … and major nations are already exempted …. and Trump says others may also be exempted. So, we don't know what will really happen.
In the meantime, Trump gets to boast when he goes to a PA special election rally, saying he's on the side of steelworkers. And any predicted fallout won't have happened yet.
And, while David Dennison is shitting all over America’s trading partners to keep from looking the complete fool in Pennsylvania . . .
Why G.O.P. Is Spending Millions on a Soon-to-Vanish Seat in Trump Country
https://nyti.ms/2G976Nw
. . . the rest of the world moves on without Stormy Daniels’ john . . .
U.S. Allies Sign Sweeping Trade Deal in Challenge to Trump
https://nyti.ms/2Ddnj16
. . . all this winning is sure getting pretty fucking tiresome, huh?