Did Trump's tariffs work?

Remember how Trump said tariffs would protect American steel companies and steel workers?

Last year, the United States produced 80 million metric tons of raw steel. That’s actually less than America produced in 2017, the last full year before Trump’s tariffs were implemented.

It’s been nearly six years since the tariffs were imposed, and steel prices are now higher. But instead of resurrecting the steel industry, those higher prices have cost consumers about $650,000 per job saved.

#trump #economics #jobs #economy #steel

[vitoruffalo]

There's so much more to factor in to the equation.

[olssmen]

WOW huge suprise, production went down during the pandemic. Who wouldve thought?

It literally went up for the first couple years as you said. Couple meaning at least 2 i.e 2017-2019/20 before slowing down.

Why not look at why it didnt pick back up again?

[Rob]

From Reuters: "The United States suspended import tariffs of 25% on EU steel and 10% on EU aluminum for two years from January 2022, replacing the tariffs imposed by former President Donald Trump". So, US production dropped AFTER the tariffs ended? Gee, it sounds like the point of this video is nothing more than anti-tariff propaganda.

[wmason]

Why ignore 2019, 20 and 21 and skip straight to 23? Do those years that the tarrifs were in effect not count? This is propaganda.

[BG-mrxv]

Covid? Inflation? Unions? Supply chain? Regulation? This is what hurt the Steel industry.

[Joshpower]

2018 is way higher than 2017.... which is when the tariff was put in place. This seems very vague and manipulative

[currendodds]

No more made in America. That’s what’s this guy is pushing ? We need everything to be made in America for Americans by Americans

[jacobdeem]

It must solely the the tariffs. No other cause am affect possible... Just the tariffs. C'mon reason

[hismajesty]

Tariffs all the way. I don’t care if it hurts the bottom line of the big fat guys in top hats, Americans need the jobs.

[terryboone]

Are you absolutely certain that Trump's policies are the actual reason for the increase in cost rather than Biden's economic policies?
I think perhaps you should take the time to investigate this more thoroughly.

[Rainy_Day]

In a consumer driven economy tariffs are a means of tax revenue and not necessarily helping protect local industry. Combine it with lowering regulatory costs, reducing the size and scope of government helping to balancing budgets, and lowering income taxes would spur domestic growth.

[mikegraves]

Tariffs on companies outsourcing American jobs to foreign countries. Bring jobs back to America.

[Whoisafraidofreality]

What happens when the US goes to war with the steel exporting countries?

[tcorourke]

The fact that production was flat proves nothing. It might have been worse without the tariffs. This is not a subject to explore in a 20 second video.

[darthhodges]

Tariffs don't force domestic production but they do incentivize it BECAUSE it raises prices. But other factors can have other effects. The tariffs didn't have the desired effect probably because of those other factors. Meaning it was the wrong way to get that goal. No policy can be correctly judged in isolation.

[EchoTangoSuitcase]

You're missing the point...

Not everything is about economics. World geopolitics is very similar to prison politics.

Many industries, most industries in fact, and not strategic. You can let global trade run on market forces.

Steel is strategic.

More importantly, Trump wasn't trying to generate revenue off the tariffs, he was using it as leverage to force trade deals that sucked less for the US.

[jeffreygearhart]

show 2019, we can see Production is Down under Bidenomics.

[jamesbarton]

Tariffs always hurt. The Smoot Hawley tariffs 1930, not the stock market crash, caused the Great Depression only ended by WW2. This is basic capitalism.

[kreynolds]

We need to remove all domestic production taxes whose embedded cost punishes domestic and international consumers of American made, and instead fund the US government with taxing American consumption of domestic and imports evenly. That will turn America in to a net exporter of virtually EVERY thing and while increasing the value of the dollar, instead of having trade deficits.

We need to pass the fairtax act. HR25 for not just trade reasons, we need to simplify the tax code to reduce the regulatory cost placed on everyone including buisness that simply pass those cost onto consumers. We need to eliminate the irs and its peeping into all our bank accounts and reporting our economic activity, and restore our privacy. And with the burden of an illegal immigration problem and illegals not paying taxes, the faurtax ensures they pay taxes. And these things are just the tip of the ice burg.

[TheCynysterMind]

as much as I generally like reasonTV you are not telling the whole story. The reason production has not increased because congress imposed a litany of other taxes including an INVENTORY TAX.... Which is completely insane.... Imagine buying something and having to keep paying taxes on everything you just bought and already paid taxes on.