President Donald Trump has sought to make the US steel industry more competitive through protectionism, but tariffs levied last year have accelerated the decline of some of its largest players.
Bloomberg reported Sunday evening that a 25% tariff on imports of the metal has accelerated the decline of some of the mills Trump vowed to protect. The metal titan US Steel has lost $5.5 billion, or roughly 70%, in market value and idled two furnaces since the president announced the move in March 2018 on national security grounds.
But the increase in production came at the same time that demand began to cool, eventually sending steel prices sharply lower. Growth in the US and elsewhere is expected to continue to fall in the coming months, as stimulus measures fade and trade tensions persist.