Steel

Hard to tell what is going on in this steel tariffs business. It will be remembered
that the US initially imposed hefty tariffs on Chinese steel in 2016 because that
country was subsidizing its steel industry, and dumping cheap steel on world markets.
What that did in effect was force others (like Canada) to offer cheaper steel to the US.
Extending tariffs to friendly trading partners now can be seen as making things fairer
for China in its offer to the US. The fundamental issue is ever the same: China is looking for a spot
on the world steel front, the US is a heavy enough player to worry about its economy in both
jobs and import prices under various decisions.

What is perhaps troubling to the pundits in Washington is that such complex matters are
normally handled by Congressional committees, gathering all elements ofinformation over
a long period. This administration plays fast and loose. Hard to tell what the thinking is, and how accurately it foresees outcomes.