This article explores the potential consequences of US tariffs on steel and aluminum imports, analyzing their impact on prices, jobs, and international trade. It highlights the US's dependence on foreign sources for these metals, the complexities of the global market, and the role of China in the steel and aluminum industry.
Few materials matter quite as much as steel and aluminium. Steel, an alloy of iron and carbon, is the main metallic ingredient in the structures we live in and the bridges we build. If it's not made of steel it's made with steel. Aluminium, on the other hand, is a wonder material we use with wild abandon these days.
There are countless examples throughout history of countries defying economic logic in search of other goals. Perhaps they want to improve their national self-reliance in a given product; perhaps they want to ensure certain jobs in cherished areas or industries are protected. But nothing comes for free, and even if Donald Trump's tariffs succeed in persuading domestic producers to smelt more aluminium or steel, such things don't happen overnight.
TRADING ECONOMICS INFLATION TARIFFS INTERNATIONAL RELATIONS
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