Trump announces steel and aluminum tariffs, stock markets take a tumble

[Westside Steve]

So what are the other countries tariffs rates, especially Canada and Mexico?

WSS

[Canton Dawg]

1 hour ago, Westside Steve said:

So what are the other countries tariffs rates, especially Canada and Mexico?

WSS

I’ll bet they are higher than the US tariffs.

[jbluhm86]

16 hours ago, JAFBF said:

Good New for Ohio locally :

 

 

 

Republic Steel

Republic Steel was once the third largest steel producer in the United States. It was founded as the Republic Iron and Steel Company in Youngstown, Ohio in 1899. After rising to prominence during the early 20th Century, Republic suffered heavy economic losses and was eventually bought out before re-emerging in the early 2000s as a subsidiary. The company currently manufactures Special Bar Quality (SBQ) steel bars and employs around 2,000 people. It is currently owned by Grupo Simec, based in Guadalajara, Mexico.

[JAFBF]

48 minutes ago, jbluhm86 said:

Republic Steel

Republic Steel was once the third largest steel producer in the United States. It was founded as the Republic Iron and Steel Company in Youngstown, Ohio in 1899. After rising to prominence during the early 20th Century, Republic suffered heavy economic losses and was eventually bought out before re-emerging in the early 2000s as a subsidiary. The company currently manufactures Special Bar Quality (SBQ) steel bars and employs around 2,000 people. It is currently owned by Grupo Simec, based in Guadalajara, Mexico.

Jobs - 1000 good paying jobs for Cleveland area.

 

Subaru, Honda, etc. also have Factories in the U.S. - still a good thing to have them in the U.S. for the jobs.

 

That's all I was pointing out, the Tariff has also resulted in U.S. Steel announcing 500 jobs along with some others.

 

We need all the good jobs we can get, as well as restoring our manufacturing capacity and quality.

 

 

[DieHardBrownsFan]

He should charge a tariff on the locally made steel to make the company move back to Ohio.  MAGA.

[jbluhm86]

2 hours ago, JAFBF said:

Jobs - 1000 good paying jobs for Cleveland area.

 

Subaru, Honda, etc. also have Factories in the U.S. - still a good thing to have them in the U.S. for the jobs.

 

That's all I was pointing out, the Tariff has also resulted in U.S. Steel announcing 500 jobs along with some others.

 

We need all the good jobs we can get, as well as restoring our manufacturing capacity and quality.

 

 

Let's say, for the sake of argument, that these tariffs do bring those 1000 steel manufacturing jobs.

What you and others fail to understand is, by placing an import tax on steel and aluminum, other countries will respond in kind. This will drive up the cost for secondary producers that use the steel and aluminum, which will result in companies having to lay off their workers to meet their budgets:

 

National Review: 600 Non-Steel Jobs at Risk for Every Steel Job

"Trump’s steel tariffs have been interpreted by many as an attempt to hold onto votes from the former steel towns, much as were George W. Bush’s in the early 2000s. This is a plausible explanation for what Trump is hoping to do. But it will turn out to be a losing political strategy.

The ten states whose economies depend most on steel and aluminum imports are Missouri, Louisiana, Connecticut, Maryland, Arkansas, Iowa, West Virginia, Alabama, Ohio, and North Dakota. Which is to say that these are the states with the largest percentage of jobs at risk from increased steel and aluminum taxes. All but two of those states were won by Donald Trump in the 2016 presidential election.

The industries that use steel and aluminum, as well as those that support those industries, employ many more people than those that produce the metals. Per research from Brookings, the ratio is 600 to one. These jobs, which are now at risk due to the increased costs that Trump’s tariffs will yield, are concentrated in states that Trump won.

 

[DieHardBrownsFan]

They will threaten, but they won't.  Why? Because we rule.  MAGA.

[JAFBF]

41 minutes ago, jbluhm86 said:

Let's say, for the sake of argument, that these tariffs do bring those 1000 steel manufacturing jobs.

What you and others fail to understand is, by placing an import tax on steel and aluminum, other countries will respond in kind. This will drive up the cost for secondary producers that use the steel and aluminum, which will result in companies having to lay off their workers to meet their budgets:

 

National Review: 600 Non-Steel Jobs at Risk for Every Steel Job

"Trump’s steel tariffs have been interpreted by many as an attempt to hold onto votes from the former steel towns, much as were George W. Bush’s in the early 2000s. This is a plausible explanation for what Trump is hoping to do. But it will turn out to be a losing political strategy.

The ten states whose economies depend most on steel and aluminum imports are Missouri, Louisiana, Connecticut, Maryland, Arkansas, Iowa, West Virginia, Alabama, Ohio, and North Dakota. Which is to say that these are the states with the largest percentage of jobs at risk from increased steel and aluminum taxes. All but two of those states were won by Donald Trump in the 2016 presidential election.

The industries that use steel and aluminum, as well as those that support those industries, employ many more people than those that produce the metals. Per research from Brookings, the ratio is 600 to one. These jobs, which are now at risk due to the increased costs that Trump’s tariffs will yield, are concentrated in states that Trump won.

 

Understood.

 

Problem is, these Countries are already Tariffing our products, or "dumping" products below value (China).

 

There is another problem here that is not being talked about, and that is the quality of Steel we're importing (substandard).

https://www.reuters.com/article/us-kobe-steel-scandal-ceo/kobe-steel-admits-data-fraud-went-on-nearly-five-decades-ceo-to-quit-idUSKBN1GH2SM

 

This has a pretty big impact on Bridges, Buildings, and in particular the Military.

 

How about those all those Navy collisions last year, was the damage worse than it should have been ?

Don't know, but you have to wonder.

 

I see where the additional jobs will help the Economy (local & national), and I see your point with the possible cost ramifications.

 

The thing is, I think we may both be getting ahead of things.

This is Trump.

While I'm sure he is looking to improve the quality and add jobs, this is a negotiation tactic.

Sure, he'll do tariffs if need be, but I believe he's looking more for a fair trade deal than a lot of the ones our past Leaders have given us.

 

On a level playing field the costs may still go up some, but it will be fair and affect all sides.

Competition can be a good thing and breeds innovation which can reduce costs.

 

In our prime, we used too kick @$$ in innovation, we've been Hamstrung for far too long - we need to get that back.

 

It's MAGA.