Published: Thu, August 16, 2018
Business | By Tara Barton

Trump says his steel tariffs will save the US industry

Trump says his steel tariffs will save the US industry

President TrumpDonald John TrumpDems make history, and other takeaways from Tuesday's primaries Pawlenty loses comeback bid in Minnesota Establishment-backed Vukmir wins Wisconsin GOP Senate primary MORE is claiming that steel tariffs imposed on China and other foreign nations will rescue the us steel industry.

He also predicted that the competition US companies will face in the future will mostly be domestic due to his actions.

He told the Wall Street Journal that some people may complain that steel prices may be "a little more expensive" in the short term because of the tariffs, but that ultimately they will drop.

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"Country was built on Tariffs, and Tariffs are now leading us to great new Trade Deals - as opposed to the awful and unfair Trade Deals that I inherited as your President", Mr. Trump tweeted.

The president is engaged in trade disputes with several major economies, including China. The Chinese retaliated by imposing tariffs on American agricultural products. The U.S. president has recently threatened more tariffs on Canada's auto industry. Moreover, even the administration's own estimates of the tariffs' impact project a reduction in imports, not their elimination, still leaving significant foreign competition for USA makers. The president has also said the tariffs have been created to promote better trade deals.

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