One of President Donald Trump’s most impactful moves during his first term was applying 25% tariffs on nearly all steel imports. As a result, the American steel industry saw a revival.
On March 12th, he reinvigorated that action by closing the exemptions and loopholes that had weakened it over time. He was right to do so.
A suffering industry
The American steel industry was cutting production, laying off workers, and idling facilities because of unfair trade. Domestic steel producers filed a series of trade cases seeking relief from unfairly traded imports.
Countries selling this dumped or subsidized steel in our market included China, Korea, Taiwan, Australia, Brazil, Mexico, Canada, India, Vietnam, Germany, the Netherlands, Russia, Japan, Belgium, and France
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