U.S. Tariff On Chinese Steel Imports Will Have Little Affect On U.S. Economy

Tariffs are bad in regards to real “free trade”, but the U.S. hardly imports much steel from China.

Protectionism as a matter of practice should start with massive deregulation and tax cuts(payroll taxes done away with) in order for trade imbalances to be corrected.

Factual research does tamp down wild accusations that President Trump’s 25% tariff on Chinese steel will cause major economic imbalance for the U.S. economy.

Here’s more Rueters:

The United States is the world’s biggest steel importer, buying nearly 40 percent of shipments from Canada, Brazil and South Korea.But China was not among the top 10 sources of U.S. steel imports in January-September 2017, based on U.S. Commerce Department data.Exports from China, the world’s top steel producer, to the U.S. reached 1.18 million tonnes last year. That’s a fraction of the 800 million tonnes it makes each year, equal to about half of global output.

But China was not among the top 10 sources of U.S. steel imports in January-September 2017, based on U.S. Commerce Department data.Exports from China, the world’s top steel producer, to the U.S. reached 1.18 million tonnes last year. That’s a fraction of the 800 million tonnes it makes each year, equal to about half of global output.

From a record high of 112.4 million tonnes in 2015, China’s total steel exports have fallen amid threats of a trade dispute and better demand at home. The exports dropped to 75.4 million tonnes last year.

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