re: #235 Anymouse 🌹

This was very insightful:

In an effort to relieve the pressure on steel prices created by China’s excess capacity, and its consequent dumping of steel on world markets, Ross persuaded the Chinese to agree to begin retiring that excess capacity. Ross hied to the Oval Office to inform his boss of his triumph. At which point Trump threw a fit and roared, “Tariffs, bring me tariffs.” There’s more. “Your understanding of trade is terrible. Your deals are no good.” And still more, “Wilbur has lost his step. Actually lost a lot of steps,” are among statements made by the president and reported by those in the room at the time.

Trump thinks trade imbalances are evil, and is willing to use tariffs even when they are not needed.

From the same article:

One economic study after George W. Bush imposed tariffs on steel in 2002 concluded that job losses in steel-consuming industries exceeded the number that would have been lost had the entire American steel industry gone out of business.