, Columnist
Trump's Tariffs Are Especially Ominous
Previous presidents agreed to limited protectionism in return for support for free-trade deals. That is not the case now.
Consumers, watch out.
Photographer: Luke Sharrett/BloombergAt first glance, President Donald Trump’s new tariffs on steel and aluminum may look like a repetition of one of President George W. Bush’s mistakes. Bush also imposed tariffs on steel in his second year in office, and like Trump did it in part to keep a campaign promise he considered helpful in the Rust Belt.
Bush’s tariffs are generally thought to have backfired. The tariffs raised costs for steel-using industries, which employ more people and contribute more to the economy than the steel industry itself. They also drew retaliatory tariffs from other countries against American exports. Bush withdrew them in late 2003.