Steel Tariffs in Two Pictures
Recall Principle 2 of Three Simple Principles of Trade Policy, Businesses are Consumers Too. Case in point, steel. Justin Wolfers summarizes an analysis of Trump’s 2018 steel tariffs:
![](data:image/svg+xml;charset=utf-8,<svg height="456px" width="507px" xmlns="http://www.w3.org/2000/svg" version="1.1"/>)
Going back further we have a good analysis from Lydia Cox of the Bush steel tariffs. Even though the tariffs were temporary, they led to a rearrangement of supply chains which led to long-lasting declines in exports and employment in steel using industries.
![](data:image/svg+xml;charset=utf-8,<svg height="482px" width="789px" xmlns="http://www.w3.org/2000/svg" version="1.1"/>)
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