Growing up in Bethlehem Pennsylvania with the stories of how Bethlehem Steel provided the backbone of our country I certainly have mixed thoughts about these tariffs. The idealist in me would love to see American Steel seize this opportunity and reclaim its market; however, I don’t see that happening. Steel mills like all other corporations are dependent on their stock price. Raising tariffs on steel and aluminum will most certainly have a negative effect on manufacturing and construction resulting in slower economic growth and lower corporate profits. This will result in higher cost of goods and compound from there.
This feels like the fulfillment of a short-sighted campaign promise, one that is intended to benefit a few, but will have more broad-based repercussions.