And it’s not about “fairness.” Quite the opposite, actually.
—
Nearthetopofanofficial“factsheet”distributedbytheWhiteHouseonTuesdaymorning,theTrumpadministrationmakesclearitsrationaleforimposingnewtariffsonsteelandaluminumimports.
TheWhiteHouseclaimsthat“foreignnationshavebeenfloodingtheUnitedStatesmarketwithcheapsteelandaluminum”andpromisesthattaxesonthoseimportswillrestore“fairness”tothemarketsforsteelandaluminum.
That’saboutasstraightforwardasitcouldbe:TheTrumpadministrationbelievescheapimportsareaproblemandisseekingtoartificiallyraisepriceswithtariffs.
Isthatfair?Steelmakersandaluminummanufacturersmightthinkso,butthepotentialcostswillspreadthroughdozensofdownstreamindustriesandcouldimpactthepriceofgoodsrangingfrombeercansandcarstokitchengadgetsandconstructionvehicles.Nucor,oneofAmerica’slargeststeelmakingcompanies,saiditwouldraisepricesjusthoursafterthetariffswereannounced.
“Thisispoliticalrent-seekingatitsmostbraz
