Trump: Tariffs have 'saved' steel industry

Trump: Tariffs have 'saved' steel industry
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President TrumpDonald John TrumpAdvisor: Sanders could beat Trump in Texas Bloomberg rips Sanders over Castro comments What coronavirus teaches us for preventing the next big bio threat MORE on Monday credited his administration's tariffs on foreign steel imports for reviving the U.S. steel industry.

"Tariffs on the 'dumping' of Steel in the United States have totally revived our Steel Industry," Trump tweeted.

The president claimed that the tariffs have led to new and expanded plants opening, and "billions" paid to the U.S. treasury, calling it a "big win for U.S."


Trump has regularly touted the steep steel and aluminum tariffs he imposed on foreign imports last year for boosting the U.S. steel industry.

The New York Times reported earlier this month that dozens of steel mills opened, restarted or made new investments last year, but noted that steel prices in the U.S. have fallen back to the same levels they were prior to the tariffs being imposed.

The news outlet cited American Iron and Steel Institute data that showed as of November, steel industry employment was 4 percent lower than it was four years ago, in part because the industry relies more on automation.

“We fully expect the players in the steel supply chain to have weaker years in 2019,” Philip Gibbs, a metals analyst at KeyBanc in Ohio, told the Times.

The president's tariffs roiled lawmakers on both sides of the aisle who expressed concerns that the policy would ultimately drive up domestic prices and hurt Americans.

Trump has regularly brushed aside those criticisms, arguing that the penalties on imports are necessary to secure improved trade deals with various countries.