Wall Street Journal: Foreign steel keeps flowing into US
by David Fleschen
According to the Wall Street Journals, US tariffs on imported steel are delivering higher profits for steel companies but haven’t changed the country’s dependence on foreign-made steel.
While tariffs for foreign producers have been set at 25 % in March 2018, domestic steel producers have raised their prices instead of isolating imported steel, says the Journal. This in turn has generated higher profits for US steelmakers and driven up costs for US manufacturers. At the same time the Wall Street Jorunal notes that foreign steel’s share of the steel market remains significant, and the US continues to be the world’s largest market for imported steel.
Source: Wall Street Journal, photo: fotoalia