I was told early on in my life that for every action there is a reaction, and that for every positive there are at least an equal number of negatives.
Such may be the case with the announcement from the White House yesterday of plans to impose a 25% tariff on steel imported into the USA.
The decision is a victory for American steel companies, and unions representing steel workers, who’ve seen the share of domestic steel used in products made here shrink because of lower cost steel from countries like China.
The administration says accusations that the Chinese have been dumping steel on the US market at lower prices than what it costs to produce it have been proven.
The tariffs may well increase United State steel industry employment, but it wouldn’t be a surprise if the costs of products containing steel we buy get more expensive.
Will we be willing to pay more for American made products with more American content in them?
Only time will tell…
That’s the way I see it.