Yes, tariffs are a tax on Americans, not the foreign producers. Yes, tariffs (everywhere, for what it's worth) are used to 'protect' nascent industry. Yes, tariffs encourage, no - demand, that domestic producers raise price to meet the inflated price of the imported stock. Yes, tariffs drive inflation. Way to go!
So, no, the American consumer gets nothing in the bargain.
Both steel and aluminum are not nascent industries in these here United States. In fact, iron production has been declining for years due in significant measure to the over-mining of the ore, mostly in the Mesabi Range, a once largest deposit on the planet. A significant amount of it was extracted during WWII to make the weapons of war which enabled the Allies to beat the Nazis. I wonder if Batshit J. Moron even understands that? Wasn't Daddy Drumpf an "America Firster"?
During Donald Trump's 2016 presidential campaign, his father's 1927 arrest at a KKK march resurfaced.KKK and Lindbergh and the rest were siblings. In any case, putting tariffs on steel are unlikely to rejuvenate an industry made moribund by lack of raw resource.
US iron ore made up 2.5 percent of the total mined worldwide in 2015.IOW, what's left is shitty bottom of the barrel ore.
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None of the iron ore now mined in the US is "direct shipping" ore ready to be fed into the iron- and steel-making process. The ore is concentrated to raise the iron content before use. All the iron ore currently mined is from open pits.
So, what countries have the most high quality ore, one might ask? Not the USofA. Nascent industry protection? In a pig's ass.
1 - Australia 3 - Russia 4 - China 6 - CanadaSo, stupid is as stupid does.
Now, what about aluminum?
Well, again stupid is as stupid does. The USofA isn't even on the list. No industry to protect! Australia is the largest producer of aluminum (second in reserves) with Guinea having the largest bauxite reserves.
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