As soon as you eliminate competition from foreign sources by raising tariffs, American steel companies raise their prices through the roof. So far, prices of hot-rolled coil have gone up by 38.5%. That’s devastating to our economy, and it’s devastating to the steelworkers. Because when you raise prices by that amount, you don’t sell as much steel.
But American steel companies don’t care. The number of tons they sell may fall, but their profits take off. It’s the steelworkers, with steel shipments down, who get laid off.
Remember, steel companies are not in the business of making steel, they are in the business of making profits. What Trump is doing with his tariffs is enriching steel barons, asset strippers, and vulture investors — not giving a damn what actually happens on the shop floor. What he’s doing is an American tragedy, and it’s a con job.
Get the full story at GregPalast.com
Watch the full Hartmann interview on Thom.TV
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