I looked through the 20 main companies hit by the steel tariff (more than 20% export to the US) and there is not one enemy (the most hit is Taiwan, South Korea and Sweden).
There is also a large number of US company (even the US Government) that will have to pay more from the tariffs as they import more than 20% of steel as input – so it will be an inflationary cost.
Also Government contractors (military) are suffering an increase of cost – as part of the airplanes (specially military) use high grade steel not produced in the US.
Also if the Buy American motto is 100% – the upstream supply chain is likely to have foreign steel.
So while maybe the US steel company will have an advantage, definitely there is an impact on the US industries using steel including the all important US housing.
As price will go up there will be also pressure on consumer.
So it will bring inflation – but for a period. It could even get the US in the next recession give and take 6-12 months to let the “flow on” take effect.
Really incredibly stupid.
