Update: This might be a double white pill if it drives Gary Cohn out of the White House.
President Trump deserves a lot of credit for doing this:
“President Donald Trump on Thursday ignited a possible trade war by announcing a decision to impose tariffs of 25 percent on steel imports and 10 percent on aluminum to protect both industries from unfairly traded imports that the Commerce Department has determined pose a threat to national security.
“It’ll be 25 percent for steel. It will be 10 percent for aluminum. It’ll be for a long period of time,” Trump said at a listening session with steel and aluminum industry executives at the White House. “We’ll be signing it next week. And you’ll have protection.”
The announcement, which is likely to be met with outrage and retaliation from countries around the world, followed a fierce debate within the administration about whether to make an announcement Thursday, according to people briefed on the matter. New tariffs on steel and aluminum imports could lead to a tit-for-tat trade fight with China, the European Union and other major world trade powers. …”
FINALLY, we have something of substance to discuss on the trade front.
I applaud the move and it is long overdue but I have the same concerns that I had with the solar panel and washing machine tariffs that were announced in January. Is this a policy that is going to last or is it going to go to the WTO where it will be called back like a touchdown on ESPN?
Great news, but we can’t outsource our trade policy to the WTO. We’ve got to withdraw from the WTO or this will end up like countless federal court decisions.
Note: Swing state voters support the tariffs.