More evidence is mounting that Trump’s tariffs are failing to help the American steel industry.
“The steelmarker reported its first loss since early 2017, about a year before the Trump administration imposed 25% tariffs on steel imports in 2018. Those tariffs were designed to help reduce competition for the domestic steel industry and allow companies to add jobs and production.
The tariffs did give steel prices a brief spike and prompted some steel companies, including US Steel (X), to bring shuttered American mills back on line.
But the increased production, along with a drop in demand from steel customers, resulted in prices falling back. US Steel has shut some of its blast furnaces and laid off staff, citing the weaker market conditions.
And late Thursday it reported an operating loss of $35 million in the quarter.”
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