Tariffs were suppose to boost our economy by harming China’s; that didn’t make any sense but that was the idea. Well, it turns out that’s not even true. I know, it’s as if Donald doesn’t understand anything about economics.
Instead, tariffs haven’t even helped those it was suppose to. Not even steal manufactures are supporting it. In fact, JFW Steel is now suing the Department of Commerce over this protectionism:
In a complaint filed last week, JSW Steel claims it has been harmed by the steel tariffs because, as it turns out, even steel manufacturers with U.S.-based operations still sometimes have to import steel from abroad. When JSW Steel sought an exemption from the steel tariffs, the Commerce Department denied it and told them to pay up. In the lawsuit, the company argues that those exemptions should have been granted.
This is made even worse because JSW Steel was the same company that promised to invest $500 Million in the United States back in March 2018:
The Sectary of Commerce — William Ross — is a hardcore protectionist. He was even called “Mr. Protectionism” by The Economist in 2004.
With success like this, investors in the family of so-called “vulture” funds (Mr Ross prefers to call them “recovery” funds) run by Mr Ross’s firm, WL Ross & Co, are naturally anticipating more magic in America’s textile industry, where he has recently made big bets. However, Mr Ross now finds his meticulously tailored plans for textile-makers seemingly in jeopardy.
Ross was also the main pusher for protectionism in the White House. Meaning you do not have to worry about rationality, because there is none to be found.