The Peterson Institute for International Economics (PIIE) reports US Steel Is Already Highly Protected from Imports.

The US steel industry has been the largest beneficiary of special protection from imports for decades, with more than 60 percent of steel imports subject to tariffs at the end of 2017. The average share of all US imports from the world covered by this sort of special protection was only 4 percent as of 2016. Furthermore, special restrictions already cover 94 percent of steel imports from China, which now make up only 3 percent of all US steel imports. On March 8, President Trump announced he is imposing tariffs of 25 percent and 10 percent on all foreign sources of steel and aluminum, respectively—with the exception of Canada and Mexico, as well as possibly others—on the basis that these imports pose a threat to national security.

Also, consider Trump’s Steel and Aluminum Tariffs Are Counterproductive. Here Are 5 More Things You Need to Know.

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Five Things

  1. Steel has been the largest beneficiary of special protection for decades.
  2. More than 90 percent of steel imports from China have already been hit with special US steel tariffs.
  3. Trading partners vary considerably as to who has already been hit with US steel tariffs. China was only the 10th largest supplier of steel to the US market in 2017 ($976 million), largely because 94 percent of those exports were already subject to special tariffs.
  4. Aluminum has only recently become a beneficiary of special protection.
  5. Aluminum's special protection to date has been directed exclusively towards China

Aluminum Protection

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Aluminum Share

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National Security Lie

Trump's "national security" angle is an obvious lie. Most US steel imports come from allies, including Canada. Most aluminum imports come from Canada.

The above charts represent figures before Trump’s new tariffs of 25 percent on steel and 10 percent on aluminum.


Foolish Efforts

Two weeks ago I commented on the Foolishness of Trump's Steel Tariffs in One Image.

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How Not to Sell Cars

It's absurd to believe steel manufacturing jobs will return to the US. Yet, let's pretend they will. What's the cost?

Here's the answer: How to Not Sell Cars: More Steel Tariffs Coming Up.

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Jobs at Risk

There are about 6.5 million workers at manufacturers that use a lot of steel, but only 140,000 steelworkers, says Moody’s.

Pandora's Box

Not only do the steel tariffs harm US manufacturers that consume steel, they also open the door to other countries imposing tariffs on the US in the name of "national security".

"National security" now means anything any country wants it to mean thanks to Trump's blatant lie.

Mike "Mish" Shedlock.

How to Not Sell Cars: More Steel Tariffs Coming Up

It is extremely foolish to think steel tariffs will increase employment or reduce the deficit. But here we go anyway.

Trump's Steel Tariffs Start Cascade of Downstream Pain

On Jan 24, Trump issued a proclamation on further steel and aluminum tariffs because the initial tariffs backfired.

More Tariff Madness: Trump Targets Steel, Aluminum

Trump administration ponders a global tariff of at least 24% in a mad effort reduce the trade deficit and save jobs.

Triple Tantrum: Stocks Sink, GOP & EU Outrage on Trump's Steel Tariffs

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Trump Surprise Tweet Restores Steel and Aluminum Tariffs

President Trump lashed out at Brazil and Argentina in a surprise Tweet today restoring metal tariffs.

Foolishness of Trump's Steel Tariffs in One Image

Trump hopes tariffs will bring back steel manufacturing jobs. It won't happen.

Trump Tariffs Help Sink US Steel: Investigating a Trump "Big Win"

US Steel wanted Trump to put tariffs on Chinese steel imports. The company is not at all pleased with the results.

Trump Again Threatens Europe With Tariffs: Expect Instant Global Recession

Trump is hopping mad the EU for at least seven reasons. Mad enough to foolishly smack them with tariffs? I Believe so.

Canada Might Nix Trump's NAFTA Deal Unless He Stops Steel Tariffs

Trump's trade deal scorecard might drop to zero unless Trump halts tariffs on Canadian steel and aluminum.