Drudge Retort: The Other Side of the News
Friday, March 02, 2018

President Trump's decision to slap tariffs on steel and aluminum imports had an immediate effect on the stock market yesterday, driving the Dow 420 points lower and boosting U.S. steelmaker stocks. But several sectors that rely on steel and aluminum for raw materials are already feeling the heat from the tariffs, which go into effect March 5. Construction Accounting for 40% of steel demand, the U.S. construction industry is one of the world's largest, with "new construction" valued at around $1.16 trillion in 2016, per Statista ... Automakers Domestic automaker stocks dropped about 3% Wednesday following Trump's announcement. The industry accounts for 26% of U.S. steel demand, and even foreign carmakers with major manufacturing plants in America, like Toyota, are warning of "substantially' higher prices




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Energy As Axios' Ben Geman reported, trade tensions between Trump and the oil-and-gas industries -- which accounted for 10% of steel demand in 2017 -- are boiling over in the aftermath of the tariff announcement. Pipeline companies specifically may be forced to cancel projects, since trade restrictions on steel would increase pipe costs 25%.


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Ben Sasse slams Trump's "kooky 18th century protectionism"

...Sen. Ben Sasse (R-Nebraska) responds to Trump's "trade wars are good" tweet:
"Trade wars are never won. Trade wars are lost by both sides. Kooky 18th century protectionism will jack up prices on American families -- and will prompt retaliation from other countries. Make no mistake: If the President goes through with this, it will kill American jobs -- that's what every trade war ultimately does. So much losing."

#1 | Posted by LampLighter at 2018-03-02 12:02 PM | Reply

Thanks, Bill Clinton, for cheap Chinese steel and plastic, and for destroying American jobs.

#2 | Posted by SheepleSchism at 2018-03-02 12:05 PM | Reply | Funny: 1 | Newsworthy 2

"As the country's aging infrastructure begins to crumble, the sector is projected to grow to $1.42 trillion by 2021. These are the five largest American construction companies, per Engineering News-Record:

So, let me get this straight. Americans would be happier if we rebuilt our infrastructure using imported steel? Dollars that will pay for that steel will be spent where? Oh yeah, in China. Personally, I'd prefer to scale back a little and build it with American products. Keep the money here. But hey, that's just me.

#3 | Posted by danni at 2018-03-02 12:17 PM | Reply | Newsworthy 1

While it may make sense to use tariffs to ensure strategic materials are produced domestically, that will cost jobs, not create them.

The problem with tariffs is that they raise prices which means current spending buys less stuff. Less stuff requires less workers which will reduce spending and down the spiral we go.

If you want those jobs losses to be in China then put tariffs on Chinese finished produce imports.

Increasing the cost of manufacturing inputs hurts US exporters.

#4 | Posted by bored at 2018-03-02 12:36 PM | Reply


And the Chinese turn around and buy Cadillacs and Lincolns; dumping the money back into the US. Value is so liquid now that the only way to win the game is to be the best at finding new wealth. You aren't going to do that by shutting yourself out of free trade.

#5 | Posted by IndianaJones at 2018-03-02 12:37 PM | Reply

Trump was angry and ‘unglued' when he started a trade war, officials say

...With global markets shaken by President Donald Trump's surprise decision to impose strict tariffs on steel and aluminum imports, the president went into battle mode on Friday: "Trade wars are good, and easy to win," he wrote on Twitter.

But the public show of confidence belies the fact that Trump's policy maneuver, which may ultimately harm U.S. companies and American consumers, was announced without any internal review by government lawyers or his own staff, according to a review of an internal White House document.

According to two officials, Trump's decision to launch a potential trade war was born out of anger at other simmering issues and the result of a broken internal process that has failed to deliver him consensus views that represent the best advice of his team.

On Wednesday evening, the president became "unglued," in the words of one official familiar with the president's state of mind.
A trifecta of events had set him off in a way that two officials said they had not seen before: Hope Hicks' testimony to lawmakers investigating Russia's interference in the 2016 election, conduct by his embattled attorney general and the treatment of his son-in-law by his chief of staff.

Trump, the two officials said, was angry and gunning for a fight, and he chose a trade war, spurred on by Commerce Secretary Wilbur Ross and Peter Navarro, the White House director for trade -- and against longstanding advice from his economic chair Gary Cohn and Treasury Secretary Steve Mnuchin. ...

#6 | Posted by LampLighter at 2018-03-02 04:39 PM | Reply


Just say it DANNI: "I agree with Trump."

Come on, you can do it.

#7 | Posted by rstybeach11 at 2018-03-02 05:41 PM | Reply | Funny: 2

Cheep foreign steel destroyed the US steel makers. back before o'bummer, there was a clause in all government construction contracts to buy American which became harder and harder every year.

#8 | Posted by Sniper at 2018-03-02 06:55 PM | Reply | Newsworthy 1

"Thanks, Bill Clinton, for cheap Chinese steel and plastic"


Thank Obama for fracking and bringing plastics back home then.

#9 | Posted by snoofy at 2018-03-02 09:06 PM | Reply

When's he going to slap tariffs on ties and cheap suits?

#10 | Posted by TFDNihilist at 2018-03-02 09:16 PM | Reply

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