U.S. Consumers, American Companies Slammed with New Steel Taxes

Business Insider Headline: “U.S. Steel Unions Score American Consumers Dealt Yet Another Huge Victory Loss As China They Are Slammed With New Steel Tariffs Taxes

One has to envy pity the insignificant amount of pull U.S. steel workers consumers and steel-using companies have. The majority of U.S.-China trade agitation is caused by imposes signifcant costs on this one relatively tiny huge part of the U.S. economy.

From China Daily:

“The United States on Wednesday imposed preliminary duties taxes ranging from 11 to 13 percent on U.S. companies (and their employees, customers and shareholders) that purchase steel pipe from China to offset government subsidies, the Commerce Department said.

The decision puts further strain on US-China trade relations, already tested by disputes over other US trade actions and China’s currency policy.

It is a victory for US Steel Corp and the United Steelworkers union, which filed a petition in October asking for protection against the Chinese imports, but a huge loss for U.S. consumers and American companies that purchases steel or products made from steel.

See previous examples here and here.

About Mark J. Perry 262 Articles

Affiliation: University of Michigan

Dr. Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan.

He holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University in Washington, D.C. and an MBA degree in finance from the Curtis L. Carlson School of Management at the University of Minnesota.

Since 1997, Professor Perry has been a member of the Board of Scholars for the Mackinac Center for Public Policy, a nonpartisan research and public policy institute in Michigan.

Visit: Carpe Diem

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