- The intention of the Section 232 tariffs on steel and aluminum was to stop the long-term decline of the US steel industry by protecting domestic producers from low-cost imports.
- However, the strategy shifted a substantial cost to steel consumers, who employ far more workers than the steel industry and represent a far larger proportion of the economy.
- According to the Financial Times last week, about 300 smaller US businesses wrote to Biden to demand that he drop the 25% import duties.
For further details see:
Despite Easing U.S.-EU Trade Tensions, Section 232 Likely Here To Stay