President Trump’s steel and aluminum tariffs may not result in the intended boom for the U.S. steel industry. “If the automakers are using less metal, they’re selling less product because of these tariffs, eventually I think it’s going to hurt steel stocks,” said Patrick Sanders, Assistant Managing Editor at U.S. News & World Report. He pointed out that Bank of America has already downgraded U.S. Steel in light of Trump’s announcement. The tariffs could also hit employment numbers, said Sanders. “The last time that we had steel tariffs was in 2003. About 200,000 people lost their jobs. A lot of those were in the auto industry.” On Thursday, Trump stated he’d slap a 25 percent tax on steel imports and a 10 percent tarriff on aluminum imported into the U.S. Trump claimed the policy would benefit American industrials, tweeting, “We must protect our country and our workers. Our steel industry is in bad shape.”

Share:
More In Business
Small grocers and convenience stores feel an impact as customers go without SNAP benefits
Some small grocery stores and neighborhood convenience stores are eager for the U.S. government shutdown to end and for their customers to start receiving federal food aid again. Late last month, the Trump administration froze funding for the SNAP benefits that about 42 million Americans use to buy groceries. The U.S. Department of Agriculture says about 74% of the assistance was spent last year at superstores like Walmart and supermarkets like Kroger. Around 14% went to smaller stores that are more accessible to SNAP beneficiaries. A former director of the United Nations World Food Program says SNAP is not only a social safety net for families but a local economic engine that supports neighborhood businesses.
Load More