Wall Street Journal, Josh Zoom, Brin discussed on This Morning with Gordon Deal
To protect them. Now, they're asking forecast 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. Whether it's adding to protect them, or whether it's taking away tariffs that they benefit that they benefit from there. Immobile 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. What 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 got about half of their list accepted which 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. The steel industry extra two items that believe was the number to come out, and they got a half of them. Now there's other industries that asks for a lot more items like the retail the national retail federation. I think we had over a thousand items can be removed, and they only guy, you know, small handful 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 item. So one of these examples is a lot of apple products. You know, the stuff that goes into an apple watch and 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 some of these, you know, compared to the steel industry requested molybdenum, it did a rare metal is an example there, you know. It's significant for the steel industry, but it's not anywhere near as significant of an import something like an iphone. We're speaking with Wall Street Journal economics reporter, Josh zoom. Brin is an 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 it there. There's an element of of favoritism in play that when the government gets involved in policy like district, they're picking individual products individual industries to keep penalize or to protect that is inevitably the case that the government is picking winners and losers. This is traditionally something that Republicans get 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 Wilbur Ross Jerry involved in as an investor before he came into the government. The head of the US trade representative's office. Robert lighthizer was a attorney representing the steel industry. They were one of his big clients 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 ties at these people had to descend industry have have made them a little bit more sympathetic to their requests. Nice. Josh Wall Street Journal economics reporter, Josh zoom. Brin? It is twenty minutes now in front of the hour on.