Friday, March 2, 2018

SURREAL: Watching the Plea for Protectionism Live on TV

The beauty of the modern age is that you can just turn on your TV and watch while bad economic policy is made live right before your eyes.

Veronique de Rugy writes:
Just a few hours ago, President Trump hosted a “listening session”with steel and aluminum executives, whom he had summoned to the White House. Right there, on live TV, we witnessed these CEOs pleading for government support that will inevitably result in higher prices for consumers of steel and aluminum. And, as we all sat there, stunned, we watched the president grant their demand and make policy on live TV.

Import taxes on steel and aluminum are coming to America, people.

It was surreal. In one instance, we saw David Burritt, executive vice president and CEO of United States Steel Corp., say in one breath that this is not protectionism, and then, in the next breath, ask for protectionism.

We also saw the head of Nucor saying how his 25,000 employees will really benefit from these import taxes. But what about the other 5.4 million workers in downstream industries? 

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