Steel Industry Cries for Help Beyond Trump Tariff ‘Band-Aid’

November 5, 2020

(Bloomberg) Donald Trump claims his tariffs saved U.S. steel companies. But with production still slumping and jobs near an all-time low, the iconic U.S. industry is seeking a long-term solution.

The 25% tariffs Trump introduced in March 2018 gave a brief jolt to American steel producers. U.S. Steel’s annual profit more than doubled that year and the domestic steel price hit the highest in a decade. Jobs rose as much as 9% from the all-time low in April 2017, the month Trump launched a national security investigation into steel imports.

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