People who work for steel manufacturers are probably ecstatic, because they get to increase their prices by 25%. In theory this will spur more competition in domestic steel manufacturing, but I’m doubtful companies will be willing to invest in adding significant capacity when the tarrifs could disappear in the blink of an eye.
And even if they wanted to buy domestic, the production capacity will not appear magically.
Why should they have any feelings? Now US steel will have less competition in US market. That’s good for steel mill owners. Workers would just continue to work as earlier. Nothing has changed for them.
Increased costs could lead to lay offs
What cost could increase in STEEL INDUSTRY? The steel industry just got rid of competitors.
