Government, Josh Zoom, United States discussed on Let's Talk Pets
US steel producers, which prevailed in their push for the Trump administration to impose tariffs on imported steel and aluminum have also proved equally effective and far more effective than any other industries that avoiding tariffs they don't want. It's a story from Wall Street Journal economics reporter, Josh zoom Brin. Josh what have you found what happened in the most recent round carrots is, you know, the United States has switched focus a little bit and his named at China and showed the way it works. You gotta understand the way. It works to understand the story is that the government publishes a list of all the stuff that we import from China. And it says, you know, we we to put tariffs on half of this list. Is there anything that? We shouldn't include that we shouldn't put tariffs on. And so the government puts this out for a request the US trade representative's office. It does it and industries can kind of write in and say don't put this on don't put that on. You know, we import that. And it. Turns out we went to look at what products had been taken off this list when the US government actually did this against China. They put two hundred billion dollars tariffs in place earlier this year just last month. And we looked at what industries were asking to get things taken off the list. It turns out that the mo- one of the most successful of all industries was the steel industry. So earlier in the year, they were asking for cares to protect them. Now, they're asking for tasks to be taken off the stuff that they want to bring into the country. And so they've really been successful at getting the government to, you know, work with them in both directions by adding cats to protect them, or whether it's taking away tariffs that they benefit that they benefit from their immobile. I don't know that dollar wise they've necessarily done the best. But it does seem like on a per request basis. The steel industry has done very, well and getting certain tariffs but struck out right? That's a key point. So they requested about one hundred thirty different products be removed from the list of items to receive care, and they. They got about half of their list accepted, which is much more successful than other industries. If you kind of look line by line. I mean, there's this whole system where we're different products have their own line. And they can be very specific, you know, they can be a specific medal like like a rare metal like molybdenum or they can be a specific piece of machinery steel industry. Astra Q items, I believe with the number to come off. And they got a half of them. Now, there's other industries that ask for a lot more items like the retail than the national retail federation I thousand items could be removed, and they only got you know, small handful. It's three percent or four percent or something like that taken off. But some of the items they got taken off we're pretty big ticket items. So one of these Campos is a lot of apple products. You know, this stuff that goes into apple watch. And some of the stuff that goes into iphones were taken off the list. And so that's only one or two items, but they're huge in volume appeared to somebody. These you know, compared to some of these things a steel industry requested molybdenum, it did a rare earth metal as an example there, you know, it's significant for the steel industry, but it's not anywhere near as as significant of an import something like an iphone. We're speaking with Wall Street Journal economics reporter, Josh zoom. Brin? He's written a story entitled the steel industry gets what it wants on tariffs. So back to that initial point then why has the steel industry done? So well here, you know, I think the conclusion that a lot of people are kind of worried about is that there's an element of of favoritism in play that when the government gets so involved in policy like this where they're picking individual products individual industries to penalize or to protect it inevitably the case the government is picking winners and losers me. No, this is traditionally something that Republicans didn't like Republicans. Traditionally have not wanted to government to pick winners and losers. But obviously, this is a Republican administration carrying out this strategy. And so it's kind of introduced an interesting tension. A lot of the people who are kind of traditional Republicans on trade policy. I really unhappy with this really dramatic shift in what their party does on trade. And you know, the steel industry is one that the commerce secretary will barrages sharing involved in as an investor before he came into the government head of the US trade representative's office. Robert lighthizer was a attorney representing the steel industry. They were one of his big clients who are very large number of years. And so there's a feeling that you know, because the government has gotten so involved in picking winners and losers on trade that the ties these people had to this industry have have made them a little bit more sympathetic to their requests. Josh Wall Street Journal economics reporter, Josh zoom. Brin? It is twenty minutes now in front of the hour on This Morning, America's. First.