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2002 United States steel tariff (en.m.wikipedia.org)

submitted 1 month ago by cron@feddit.org to c/wikipedia@lemmy.world

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On March 5, 2002, U.S. President George W. Bush placed tariffs on imported steel. The tariffs took effect March 20 and were lifted by Bush on December 4, 2003. Research shows that "the costs of the Safeguard Measures [steel tariffs] outweighed their benefits in terms of aggregate GDP and employment".

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[–] mhague@lemmy.world 14 points 1 month ago

Trump used tariffs in his first presidency. The first time he used tariffs it caused more harm than good. His steel tariffs caused job losses in areas he said would come back. It was the largest tax on Americans in decades.

Less than 10 years later and it's ancient history. Never brought up in articles.