Last time Trump levied similar steel tariffs, it led to an increase of~ 1,000 jobs in steel production -- but 75,000 *fewer* manufacturing jobs in downstream firms where steel or aluminum are an input into production. econofact.org/steel-tariff... - ThreadSky

crampell.bsky.social • 13 days ago

Last time Trump levied similar steel tariffs, it led to an increase of~ 1,000 jobs in steel production -- but 75,000 *fewer* manufacturing jobs in downstream firms where steel or aluminum are an input into production.
https://econofact.org/steel-tariffs-and-u-s-jobs-revisited

Reposted from Bloomberg News

BREAKING: President Donald Trump said he will announce 25% tariffs on all imports of steel and aluminum on Monday.

Comments

omg1954.bsky.social•13 days ago

An authoritarian whose buddies with Putin makes me wonder about all his actions & how they would affect America’s ability to defend itself as well as our allies. So far, dismantling our intelligence agencies, reducing our government’s other critical infrastructure, alienating our allies & now mfg…!

manneefpv.bsky.social•13 days ago

His friends in wall Street love this one trick.

fogelberg.bsky.social•13 days ago

The first Trump administration imposed nearly $80 billion worth of new taxes on Americans by levying tariffs on thousands of products valued at approximately $380 billion in 2018 and 2019, amounting to one of the largest tax increases in decades.
-Tax Foundation

dariussnieckus.bsky.social•12 days ago

Law of intended consequences’ll get T-dawg again - one hopes …

biscuitdrives.bsky.social•13 days ago

So, a dramatic net loss of American jobs.
Winning!

alexismac.bsky.social•13 days ago

And the market will tank so all his buddies can swoop in and buy stock "on sale".

w1rral.bsky.social•13 days ago

Yep. Next he’s going to levy tariffs on Washing Machines. He has literally learnt nothing.
Wharton must be asking if they can rescind his degree.

kripasingh.bsky.social•13 days ago

It has a ripple effect on everything.

More days it takes to clear the goods, fraudulent invoices additional finance required for the goods, more interest costs and charges on letters of credit and most of all, drop in sales volumes (massive erosion in economies of scale) leading to bankruptcies

edwardericsonjr.bsky.social•13 days ago

Scrap metal collectors did better tho?

kaitensatsuma.bsky.social•13 days ago

Y'know, typically you create an incentive to start producing steel locally and THEN you create a protection for it, not the other fucking way around - and also completely forget to create the incentive.

rclyde.bsky.social•13 days ago

Stock manipulation round 2 version 2

canadianbacon66.bsky.social•13 days ago

He’s so dumb

oldmandork.bsky.social•13 days ago

That will be the least of our problems. We are on the edge of massive unemployment as the lack of government cash flows percolates through the economy.

yourhost.bsky.social•13 days ago

shanahstone.bsky.social•13 days ago

It seems pretty crazy but was he only planning on steel tariffs until someone asked him about aluminum and then that got thrown in too? He is that crazy and random.

unhipcat.bsky.social•13 days ago

Remember, trump said tariff money will go into a big government account ‘much bigger than the numbers we’re talking here’ from which parents can withdraw money to pay their child care bills.
Not a single corporate media hack has asked dear leader to explain what he is talking about.

davezeltserman.bsky.social•13 days ago

Did you expect a guy who went bankrupt 6 times to ever learn from his mistakes?

enahchine.bsky.social•13 days ago

Well, I guess a lot of blue collar workers for Trump will lose their jobs.

thisisbull.bsky.social•13 days ago

And I will be here to tell them: I told you so! I told you so! I told you so! I told you so!

jefferson66.bsky.social•12 days ago

So President Dumbass doesn’t realize that Stelco Steel in Hamilton, Ontario is US OWNED!

https://en.m.wikipedia.org/wiki/Stelco

pawanjain.bsky.social•13 days ago

Just part of Trump's chaos-du-jour. Annex Canada. Invade Panama. Invade Greenland. Tear up his own USMCA. Tariffs on Temu and Shein. Kill USAID. A mad king making mad pronouncements every day.

dhappy2b.bsky.social•13 days ago

It’s official, a growing number of countries are discussing removing the US dollar as the world reserve currency.

kerrychiarrai.bsky.social•13 days ago

Futures are jittery. From cnbc today:

proximacenb.bsky.social•13 days ago

He's clearly playing 0.4 dimensional chess 😁

okguy.bsky.social•13 days ago

Aren’t those the
“Working Man Voters For Trump”.
At this point, the leopard is going need Jenny Craig.

epukane.bsky.social•13 days ago

Maybe we can get Valerie Bertinelli to do an ad about America’s Leopard Obesity Crisis.

thisisbull.bsky.social•13 days ago

I hope every one of the laid off workers voted for this.

devokneivel.bsky.social•13 days ago

He uses chaos like an octopus uses purple ink.

newtonsommelier.bsky.social•13 days ago

He's a King. He says it, it becomes law. The King is out to crush lawless colonies. Tax their stamps, tax their tea, tax and damp their reverie.

3fecta.bsky.social•13 days ago

But it might work for us.

sociokind.bsky.social•13 days ago

Perfect!

martin012.bsky.social•13 days ago

No problem. We'll just give subsidies to manufacturers that are harmed.

searcy514.bsky.social•13 days ago

It's time for the international community to recognize that supporting Israel is not just a regional necessity but a global one.

laurentguy.bsky.social•13 days ago

We are led by a moron.

danfupanda.bsky.social•12 days ago

US steel and aluminum makers will raise their prices. Less competition will always be exploited by a company to improve profitability. This is capitalism. Next will be Trump will complain about the unpatriotic steel makers hurting Americans, next then are price controls and a capitalism turns into..

txgoody.bsky.social•12 days ago

Layoffs have already started in energy and businesses who need steel and aluminum. My husband has had multiple people calling him looking for a job bc they are being let go. People with families. Business was great until Trump.

putso-8w.bsky.social•13 days ago

Gary Cohn resigned

davidnums.bsky.social•13 days ago

Construction costs will go a predictable direction.

rohanps.bsky.social•13 days ago

*aluminium

philipaubin.bsky.social•12 days ago

A good CBC review of the last steel and aluminum tariffs that Drumpf put on Canada last time.
https://youtu.be/ZO7rFLIa1aY?si=GfNJNdaheeQ_F3nO

philipaubin.bsky.social•12 days ago

So is the US simply admitting that they simply can't compete with Canada in the production of steel & aluminum.

chileboy.bsky.social•13 days ago

Don't confuse people with the facts

cmerlin.bsky.social•13 days ago

I do have to ask the question, is there an ongoing reflection among journalists to try to inform Americans better who, despite the terrible record of tariffs, see them favorably.

w1rral.bsky.social•13 days ago

There is no serious journalist who views tariffs as positive … unless they are used surgically to support a nascent industry struggling to compete against foreign dumping.
It is well known that tariffs are used to take money from the general population to protect few jobs in struggling industries.

bonnielt.bsky.social•13 days ago

He just wants tariffs because his oligarch advisors want them - and they know we will pay for them. They didn’t tell Trump and/or he doesn’t get it/doesn’t care.

rocketdog3.bsky.social•13 days ago

Nobody trusts America. He said 30 day pause. What an *sshole. 🇨🇦

johngoede.bsky.social•13 days ago

That’s the kind of math I’ve come to expect from Trump. The dumbest solution is always the one they choose.

antifaforall.bsky.social•13 days ago

Enough. Is. Enough.
Stand up already.

kddrock.bsky.social•13 days ago

I hope he gets boo’ed tonight

gpbakes.bsky.social•13 days ago

Sadly, he didn’t 😢

uhjustin.bsky.social•13 days ago

Yeah, it’s purely immolating since we don’t have much of our own aluminum. Best guess is it’s a punishment to McConnell since he started voting against Trump and his family makes money off of aluminum imports.

cachobweeney.bsky.social•13 days ago

Talk about inflation...whooowie!

sundogvt.bsky.social•12 days ago

Trump says Canada is ripping off the US and that we have a horrible deal with Canada.

Our trade with Canada is governed by USMCA, the deal that Trump struck in 2018 and he then called one of the greatest trade deals OF ALL TIME.

He talks out of both sides of his mouth. Everything he says is BS.

sundogvt.bsky.social•12 days ago

Want an tariff exemption?

Just tell Trump how handsome and brilliant he is. That’s the tribute he needs so that real people can keep their jobs and feed their children. What a loser.

susubrooks.bsky.social•13 days ago

Amazing how someone's instincts be so consistently wrong.

susubrooks.bsky.social•13 days ago

can be

daytontalk.bsky.social•13 days ago

Help me do the math, is that a net positive or negative?

nanababies10.bsky.social•13 days ago

Es a moron

magpierussell.bsky.social•13 days ago

Economists, like those at @epi.org, note that union-dense areas, like those with manufacturing plants, have proportionately better benefits throughout their market due to competition. Crushing manufacturing through tariffs hurts ALL workers.

canadasnotforsale.bsky.social•13 days ago

Be interesting to see how canada responds.curious what rhe Canadian gov puts tariffs on, it will be something. Of equal value

cocothecat.bsky.social•13 days ago

Pro tip: Narcissistic psychopaths never consider the secondary effects of their actions.

crampell.bsky.social•13 days ago

There's also is little evidence that those steel tariffs boosted the longer-term fortunes of American steelmakers. E.g. US Steel is still struggling to compete, which is why it's been threatening to close down mills and put itself up for sale

dsandahl.bsky.social•13 days ago

Wait, does this involve arithmetic?

What are you, an elitist?

crampell.bsky.social•13 days ago

Recall that last month Biden blocked Nippon's purchase of the US Steel, a decision that Nippon/USS sued over. Then a couple of days ago Trump said Nippon would still "invest" in US Steel although Trump kept accidentally calling the investing company "Nissan" instead
https://www.npr.org/2025/02/07/nx-s1-5289341/trump-doge-us-steel-japanese-prime-minister

w1rral.bsky.social•13 days ago

Is Nissan Steel run by Tim Apple?

Just get the basics right Felon.

repetitiveuser.bsky.social•13 days ago

Pretty sure that wasn't an accident. Watched that clip and he was full bore NISSAN. he legit thought that's who it was

mmorgenschoen.bsky.social•13 days ago

two months ago a confusion of this kind by the then president would have treated us to a full week of wall-to-wall coverage

grogu007.bsky.social•12 days ago

Hope they call you on @cnn.com
and republican experts try to defend this illogical policy.
Most US Steel import comes from Canada.
https://bsky.app/profile/grogu007.bsky.social/post/3lhub5h57ms2f

grogu007.bsky.social•12 days ago

Here is the impact and everything that WILL get expensive.
https://bsky.app/profile/grogu007.bsky.social/post/3lhub5h57ms2f

boatman62.bsky.social•13 days ago

Work boats barges fishing boats all your Marine related infrastructure all your ground-based infrastructure near water Bridges dams Harbor maintenance all f*****. There is no modern construction without Steel and we can't afford it now

jimismash.bsky.social•13 days ago

And the LNG plants. and the natural gas power plants

lillysrouter.bsky.social•13 days ago

This is the part MAGA morons never seem to understand. Even if countries are "dumping" steel it still leads to a net benefit since it make us more completive for everything from washer, dryers, hvac equipment, cars & trucks to building construction.

hopskiprun.bsky.social•13 days ago

Canada should increase price 25% - what a pos that grifter in - his ppl pay it - he who doesn’t give a shit! He is all yours - #canadanot4sale

thomhense.bsky.social•13 days ago

American importers and companies will be paying the 25% tariff. This increase will be passed down to american consumers, as the price of all products made with steel and aluminum will increase significantly.
Canadian steel & aluminum companies lose money with reduced sales resulting in layoffs.

susiemercado.bsky.social•13 days ago

Otra vez 🤦🏻‍♀️

thewiseoldbat.bsky.social•13 days ago

Don’t forget the price of aluminum only went up 10% but the cost was passed on - every can in a case of soda went up 2-3 cents - more inflation. Canned food, did too. Buckle up.

richardkeppler.bsky.social•13 days ago

Bullshit. Downstream jobs are not just about steel prices.
Koch brothers propaganda

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