Donald Trump likes to pretend that the American steel industry is one of the few domestic industries that hasn’t been vigorously wedgied by his tariff regime.
Not only has he claimed his tariffs have singlehandedly revived the industry …
What’s not fake, however, is this: U.S. Steel is announcing layoffs at one of its Michigan facilities.
United States Steel Corp will temporarily lay off hundreds of workers at its Great Lakes facility in Michigan in coming weeks, according to a filing the steelmaker made with the State of Michigan.
The lay-offs call into question claims President Donald Trump has made about the resurgence of the domestic steel industry. Last week in Pennsylvania, Trump said his 25% tariff on foreign imports has turned a “dead” business into a “thriving” enterprise.
Domestic steel prices did rise in the immediate aftermath of Trump’s tariffs. But they have fallen dramatically amid improved supplies and weakening demand from the auto and farm machinery sectors.
So, yeah, just another indication that Trump’s Midas touch is turning the U.S. economy into merde.
It doesn’t matter if you try to prop up one economic sector if your policies are making the rest of the economy fall down around your ears.
Trump doesn’t get that. Then again, there are a lot of things Trump doesn’t get.
Thank God the perpetually befuddled Larry Kudlow is on the job.
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