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SteelGate

  • 07-03-2002 11:17am
    #1
    Hobbes
    Registered Users, Registered Users 2 Posts: 21,264 ✭✭✭✭


    Anyone see Tony getting slagged on TV?! :)

    Anyway on Euronews I think the Spanish or French papers said that the steel tax would actually hurt the US? Would this be true? I thought the point of protectionism was to help the country?


Comments

  • #2
    Xterminator
    Registered Users, Registered Users 2 Posts: 4,782 ✭✭✭Xterminator


    If it provokes a round of trade protectionism measures from the EU and ASIA etc,, no one benifts!

    X


  • #3
    Hobbes
    Registered Users, Registered Users 2 Posts: 21,264 ✭✭✭✭Hobbes


    From watching the UK news they were making out it to be a big deal to Europe but after reading other news sites not that much steel is imported into the US for it to effect the US Steel workers.

    Screws England over royally though. 5000+ jobs expected to go.


  • #4
    Sand
    Registered Users, Registered Users 2 Posts: 12,895 ✭✭✭✭Sand


    Protectionism helps a certain US sector, namely the Steel industry there as they no longer have to face non-US competition on a level playing field- which (competion) leads to hopefuly high quality products and low prices.

    However protectionism will harm everyone else as they will be paying higher prices for steel than otherwise, and the costs of that will echo throughout the economy. Especially if anything resembling a trade war occurs.

    However no one in the EU can get on their high horses about it, given the massive subsidies for farmers, favourtism for certain importers and not for others (Whatever happened to that EU-Carribean bannana deal? ).

    Free trade is good for everyone, but protectionism is even better for particular industries who have a vocal lobby group.


  • #5
    Chaos-Engine
    Closed Accounts Posts: 772 ✭✭✭Chaos-Engine


    Yes as a matter of fact the tariff will do alot more damage to the us Economy as a whole. It may protect the US steel industry in the short-term but due to the fact that the US consumes more steel than it produces they will still have to import. With the tariff the steel will be very costly. As the imported steel will be the most costly steel and it must be purchased due to excess demand for steel in the US, US steel firms will also set their prices at the prices of the imported steel + tariff....

    Laughable :)


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