TRUMP IS TURNING JAPANESE, I really think so [View all]
Stay with me, and I’ll explain these weird, weird facts:
Trump’s tariffs on foreign steel increased the amount of steel imported. Despite Trump’s tariffs, total steel imports are up 3.6% year to date compared to 2024 according to the American Iron and Steel Institute.
Trump’s tariffs have reduced American steel production. Adjusted year-to-date output through May 24 was 34,530,000 net tons, down 0.6 percent from the same period last year.
Trump’s tariffs on steel haveraised priceson American goods from cars to computer mainframes. NUCOR, America’s largest steelmaker, raised its prices a stunning 38.5%, from $675/ton to $935/ton in the past year to March 2025. As steel is central to US production in all industries, these hikes are a big factor in inflation, adding 1.7% to prices throughout the economy, according to a Yale University study. This will cost the average American family $2,400 if the tariffs continue through the year.
And the biggest shocker: Trump’s tariffs are costing American steel jobs. Despite Trump’s punitive tariffs, steel employment in the USA has flatlined and massive layoffs have been announced. In March, with Trump imposing the highest tariffs in a century, Cleveland-Cliffs, one of America’s largest steel producers, announced over 1,200 steelworkers will be laid off in Michigan and Minnesota.
https://www.gregpalast.com/trump-is-turning-japanese-i-really-think-so/
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