Lessons From 2002 Show Economic Bang From Steel Tariffs Was Tiny
- Bush’s 30 percent tariff sets some precedent for Trump move
- That policy had adverse economic effects, but they were small
Former Clinton Counsel Davis Says Tariffs Shouldn't Be Used as a Political Weapon
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As President Donald Trump angles to shelter U.S. steel, American might be feeling a sense of deja vu. There’s an historical playbook for how this might pan out.
The 25 percent tariff that Trump has suggested placing on steel imports is actually less than the 30 percent temporary tariff George W. Bush rolled out in March 2002 against flat steel products, hot-rolled bars, and cold-finished bars. Bush also imposed tariffs of as much as 15 percent on other products found to be harming the domestic steel industry.