Economics
Losers Outweigh Winners as Trump's Metal Tariffs Start Year Two
- Steel, aluminum’s ‘easy to win’ trade war isn’t so simple
- U.S. manufacturing activity has dropped steadily since August
Donald Trump after speaking at the U.S. Steel Corp. Granite City Works facility in Illinois, 2018
Photographer: Daniel Acker/BloombergThis article is for subscribers only.
So far, trade wars don’t seem to be as "good, and easy to win" as U.S. President Donald Trump promised a year ago when he imposed tariffs on steel and aluminum imports.
The scorecard shows a split decision. U.S. steelmakers Nucor Corp. and United States Steel Corp. saw significant profit gains in 2018. But manufacturers that buy the metal -- led by Caterpillar Inc., a top three U.S. exporter -- say the tariffs have hurt profits, spurred layoffs and forced some companies to rework supply chains in ways that undercut use of American workers.