Steel tariffs are ‘effective in keeping Chinese companies from flooding the market and lowering the price…’
(Brian Freimuth, Liberty Headlines) President Donald Trump’s tariff policies have reignited the American steel industry by protecting American companies from the artificially low prices of Chinese competitors, according to the U.S.’s largest steel producer.
John Ferriola, the CEO of Nucor, praised the president for protecting the industry against cheap Chinese alternatives, which are unfairly subsidized by the Chinese government.
In June, the Trump administration set a 25% tariff on steel products imported from most countries, including China.
During a live segment of CNBC‘s “Mad Money” last week following the president’s rally in North Carolina, host Jim Kramer asked Ferriola about the impact of the tariffs.
“I’m used to the Chinese seeing these price increases and flooding our great nation with their cheap—and I think, imperfect—steel,” Kramer said. “Will that happen again?”
Ferriola confirmed that Trump’s policies have helped to bolster the economy by creating jobs for working-class Americans in the steel industry.
“The anticipated response was domestic capacity coming on line to replace the lower imported steel,” Ferriola responded. “That’s exactly what happened.”
Ferriola added that the tariffs “are effective in keeping Chinese companies from flooding the market and lowering the price.”
Though Nucor raised its prices on its steel products since the tariffs went into effect, Ferriola said that the prices of steel for downstream businesses were actually lower than before the tariffs were implemented.
Republicans have pointed out that Trump’s policies have led to the creation of 175,000 jobs in North Carolina alone. In addition, the state of North Carolina saw a record number of business applications since the Trump administration took office.