The point of a import tariff is to make the American product competitive. The product from Canada cost $1.00 and the US made product cost $1.25. So you add a $.25 tariff to the Canada product to make them cost the same.
They do it with sugar every day. Every ounce of sugar coming into the USA has a import tariff on it to make our sugar farmers competitive. The way they keep it in check is with quotas on American grown sugar.
The problem with steel is it is to little to late. It is not like you can go and open a new steel mill tomorrow to meet the steel demand in this country. So we will have no choice but to keep importing steel and paying the higher price.
I am all for paying a little more if it puts Americans to work but I do not see that happening. So essentially this tariff is a hidden tax.
This may be the demise of the present boom in the economy if this is long term and not a short term chess move to get someone to do something they would not unless pushed to do it.
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