Trump announces steel and aluminum tariffs Thursday over objections from advisers and Republicans

[herding cats]

Source: Washington Post

President Trump on Thursday said he had decided to impose punishing tariffs on imported steel and aluminum in a major escalation of his trade offensive, disappointing Republican congressional leaders and inviting retaliation by U.S. trading partners.

Speaking at the White House, the president said he had decided on tariffs of 25 percent for foreign-made steel and 10 percent for aluminum.

“We’ll be signing it next week. And you’ll have protection for a long time in a while,” the president said. “You’ll have to regrow your industries, that’s all I’m asking.

The announcement capped an on-again, off-again episode with the president initially expected to announce the trade action on Thursday morning only to cancel amid a fierce pushback from opponents. Trump acted following a determination by the Commerce Department earlier this month that rising import volumes threatened U.S. national security.

Read more: https://www.washingtonpost.com/news/business/wp/2018/02/28/white-house-planning-major-announcement-thursday-on-steel-and-aluminum-imports/?utm_term=.df5a3a81ccd7

[yallerdawg]

1. We can expect retaliation.

It's great a portion of the population got a big tax cut!

The rest of us are gonna get it broke off in our back ends.

Dow is responding as if there is an ONGOING risk of inflation in our future.

[Fred Sanders]

5. Any paltry tax cut for the middle class evaporates in trade war higher prices.

Although the rich that got 80% of the cuts will barely notice.

[Javaman]

2. that fucks the construction industry and the materials industry very very hard...

you want to stop building anything in this nation, this will do it.

I work in this industry, this will fuck it very hard.

[Weed Man]

3. Republicans: We will be accepting your mass resignations

We're just waiting until you Rethugs are fed up with the Orange Shitgibbon enough to quit politics and become an unpaid security guard at a local Cabela's or something.

[dalton99a]

4. Another day, another act of mindless stupidity and wanton destruction

[Afromania]

6. Is it going to apply to Russian Steel?

[Farmer-Rick]

7. It's kind of too late for US steel

"Foreign steel makers have rushed to get their product into the United States before tariffs start. According to the American Iron and Steel Institute, which tracks shipments, steel imports were 19.4 percent higher in the first 10 months of 2017 than in the same period last year.

That surge of imports has hurt American steel makers, which were already struggling against a glut of cheap Chinese steel. When ArcelorMittal announced the layoffs in Conshohocken, it blamed those imports, as well as low demand for steel for bridges and military equipment."

https://www.nytimes.com/2017/12/22/business/economy/trump-steel-industry-layoffs.html

And that was back in 2017.

We allowed the Chinese to to bring their cheap, cheap steel (because of cheap, cheap labor costs) into our US markets and pretty well wiped out most of the US steel industry.

[Retrograde]

23. There were large steel plants where I grew up

south of Buffalo, all along the Lake Erie shore. We'd go down to the beach sometimes to watch then drop slag into the lake. They're all long gone, mainly shut down in the late 1970s and early 80s. The buildings are all gone, the land in some places reverting to the wild (I've seen deer in what used to be the middle of a city), and they're not likely to come back.

But who knows with this administration? Maybe they'll repeal enough environmental protections that big companies will be allowed to spew their fumes in the sky and dump their wastes into rivers and lakes without worrying about the consequences - or paying for them.

[Farmer-Rick]

24. We suffer the consequences of corporate pollution

While the corporation gets all the profit. Same thing is happening in China now. Though their polliticians get most of the profits. At least the corporation had to pay our steel workers a living wage. Not so much in China And they have the deadly pollution.

But moving our steel production to China so they suffer isn't the answer either.

[matt819]

8. I'm not an expert on this, but that's not going to stop me from commenting

In an alternative reality, where cabinet secretaries don't have their noses in the trough, I might be willing to accept the assessment from the Department of Commerce on the national security component of strong basic industries, in this case aluminum and steel.

However, we live in this reality, where nothing is as it seems.

So I'll throw out a few comments & questions.

How much is the Secretary of Commerce invested in American aluminum and steel industries?

How much are other secretaries invested in American aluminum and steel.

Perversely, the same questions apply to their financial ties to foreign aluminum and steel industries. Billionaires seem to be able to profit regardless of which side their on.

Again, in the lack of knowledge side of things, I don't know (and don't feel like googling) the nature of American aluminum and steel production. That said, I would be willing to put money on the likelihood that these companies will not make the recommended investment in aluminum and steel production, as the buffoon in chief has requested.

Although the b-i-c has himself been chastised for using non-American steel in his projects, I do have to ask this question. Which companies/developers will suffer the most from the tariff on imported aluminum and steel? Again, I'm willing to bet that these are companies and individuals who have been in competition with the buffoon and his pigs at the trough cronies, or whom the buffoon feels the need to punish.

And, finally, what will be the trade war retaliation from the countries where the foreign producers are located, whether allies or adversaries?

In our current reality, nothing is as it seems, and these questions have to be raised. Will they be addressed?

[TranssexualKaren]

11. These are all very good questions....

But when Trump came into office McConnel and Ryan made it clear that the sort of protectionism he espoused when running for president wasn’t going to happen; it being a well trodden Republican tactic against organized labor to help industry outsource jobs. I happen to agree with his decision to get us out of the PPT.
So I say the real question is to ask what’s going on here, is mueller getting so close that he has become desperate. His whitehouse show on guns yesterday certainly looked like someone who was desperate to make us love him.

[still_one]

9. One of the contributing factors to the great depression, a trade war. Brillant

[Brother Buzz]

10. Wall Street responds - Dow Jones dropped 300 points in an hour

[Botany]

12. The Art of the Deal

Good God in Butter is Trump dense. This is something that should have been left up
to the Dept. of State & Commerce. A trade war over steel? What is this the 70s?

BTW did Trump use foreign steel on his buildings?

[NastyRiffraff]

13. This is breathtakingly stupid, even for Trump

Who wanted this? Who lobbied for it? What are the consequences for the building trade? Who will we piss off most with these wacko tarriffs? What are other unintended consequences to the economy as a whole? To relationships with our trade partners?

With the exception of the first 2 questions, which Trump and his industry friends know, I'd bet that Trump never thought of asking them. Unfortunately, we may all find out the answers after he signs this thing.

[TranssexualKaren]

14. Thats my point

When Trump came into office Ryan and McConnel made it clear that his protectionist rhetoric was’nt going to become policy. What has changed? Is Mueller getting close enough to make him desperate?

[TomCADem]

15. Bah. He Is Just Trying to Steal Bernies Thunder

Bernie would have done this from day one if he were President.

[NastyRiffraff]

16. Then there's this...

Link to tweet

[TranssexualKaren]

17. I am not saying that its sincere...

I am only pointing out that there’s a new level of urgancy in his actions.

[IronLionZion]

18. "over objections from advisers and Republicans"

Republicans know he's going to destroy our economy. Why aren't they stopping him? They already got their tax cuts. Is there any useful reason for them to keep him around?

These tariffs and retaliation are going to punish American workers in many industries. And the GOP will be punished hard this November.

[keepleft101]

19. isnt this actually a good thing?

or am I missing something here? Bernie wanted to impose tariffs also and on steal. I thought tariffs was a progressive stance

[TomCADem]

20. Exactly. This Was a Key Part of Bernie Sanders Platform

Bernie should get out in front of this rather than allow Trump to take credit.

[GeorgeGist]

21. You should probably read the previous 18 replies.

[Cold War Spook]

22. "You'll have to regrow your industries."

How long does that take, a week or two? Also, I would like to see how many of his friends short the market.

[Demsrule86]

25. Trump handled this badly. But in general I favor tariffs. and rebuilding American industry...

increasing unions. Chinese steel has been dumped on the US. Of course, it needs to come with support for manufacturing which it won't under asshat Trump. We need a manufacturing plan before 20...show the MidWest how we are going rebuild manufacturing. We need those jobs. Sadly, Hillary Clinton had a plan. And please not the 'retraining word' God knows how many folks were trained for jobs that don't exist. Other countries like Germany protect their industries...so does China, Japan, Korea and France.

[raccoon]

26. Can a president unilaterally impose tariffs? Nt

[Watchfoxheadexplodes]

27. I had to dive into faux biz nezz Charles Payne

I was guessing some salivating on how good trumps tarrif and possible trade war would be a good thing. That itself would have been laughable but noooooo

He has that lunatic Tammy Bruce on discussing why people thought and the market reacted badly to trumps announcement?

Payne: it shocks me since he won states that use so much metal?

Bruce: right Charles and remember he's keeping promises.

[riversedge]

28. NBC: GOP meltdown over Trump plan to impose steel, aluminum tariffs

https://www.nbcnews.com/politics/donald-trump/trump-slaps-tariffs-steel-aluminum-starting-next-week-n852341


Mar 1 2018, 5:16 pm ET
GOP meltdown over Trump plan to impose steel, aluminum tariffs

by Martha C. White

Republicans pounced on President Donald Trump's plan Thursday to slap tariffs of 25 percent on imported steel and 10 percent on imported aluminum, warning that it will lead to a trade war and leave American consumers paying the price.

"New, huge tariffs on all kinds of imported steel is a big mistake that will increase costs on American consumers, cost our country jobs, and invite retaliation from other countries," said Sen. Pat Toomey of Pennsylvania.

Republicans in Congress broke ranks with the president in an unprecedented way, with one after another coming forward during the day to caution about the dangers of tariffs and plead with Trump to hold off on any action.
[Trump announces new tariffs on steel and aluminum imports]
Trump announces new tariffs on steel and aluminum imports 1:25

Sen. Mike Lee of Utah said Trump's tariffs would be a "huge job-killing tax hike" on consumers.

"While I am sympathetic to the issues facing domestic steel manufacturers, there must be a better way to address the steel industries concerns, and I hope Congress and the executive branch can identify an alternative solution before these tariffs are finalized next week," Lee said in a statement.

Key players on Capitol Hill, including House Speaker Paul Ryan, R-Wis., and Sen. Orrin Hatch, R-Utah, the Senate Finance Committee chairman, were not given any heads up about Trump’s tariff announcement. Past practice has been that legislative leaders would be briefed ahead of such a major change of policy.

The prospects of a trade war also pushed the Dow down over 400 points at the close of trading. ...............................................