At his 2020 campaign launch this week, President Trump rehashed a familiar boast. “Thanks to our tariffs, American steel mills are roaring back to life. You know that,” he said.
His supporters may indeed think that. In reality, the exact opposite is happening. A few hours before Trump made that boast at his campaign kickoff, U.S. Steel announced that, because of falling steel prices and softening demand, it was mothballing some operations. “We are idling two blast furnaces in the United States and one blast furnace in Europe,” the company said.