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Economists urge Trump not to impose new steel tariffs

Published 07/12/2017, 10:41 AM
© Reuters.  Economists urge Trump not to impose new steel tariffs
  • Nearly every living former chair of the White House Council of Economic Advisers sign a letter warning Pres. Trump that imposing new steel import tariffs likely would harm U.S. relations with important allies.
  • “The diplomatic costs might be worth it if the tariffs generated economic benefits. But they would not,” the economists write. “Additional steel tariffs would actually damage the U.S. economy.”
  • The letter also notes that the U.S. maintains more than 150 countervailing and anti-dumping duties on steel imports, including some as high as 266%.
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