Former President Donald Trump claimed that his administration saved America’s steel industry with tariffs on foreign steel. However, the reality is more complex.
America’s steel industry has faced challenges for over a century, with Chinese steel being notably cheaper and more popular than American-made steel. Despite Trump's tariffs, the industry's fortunes did not see a significant turnaround.
An example of this is US Steel, which was once the world's largest company. Last year, the company announced plans to sell itself to Nippon Steel, a Japanese competitor, in a $14 billion deal.
This move highlights the ongoing struggles of the American steel industry, despite efforts to protect it through tariffs. The proposed sale of US Steel to a foreign competitor has raised concerns about antitrust issues and foreign competition.
President Biden has publicly expressed opposition to the proposed deal, citing these concerns as well as the need to safeguard American interests in the steel industry.
