Wall Street Journal, Josh Zoom, Brin discussed on This Morning with Gordon Deal
Earlier in the year they were asking for cash to protect them. Now, they're asking for cash 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 caps to protect them, or whether it's taking away tariffs that they benefit that they benefit from their mobile. 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 a 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. The steel industry extra thirty two items. I believe with the number to come out, and they got a half of them. Now there's other industries that ask for a lot more items like retail than the national retail federation asked. I think we had over a thousand items to be removed, and they only guy, 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 item. So one of these examples is a lot of apple products. You know, this stuff that goes into apple watch and send the stuff that goes into iphones or 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 things that 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 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 district, they're picking individual products individual industries to keep penalize or to protect it inevitably the case that the government is picking winners and losers me. No, this is traditionally something that Republicans getting 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 or a 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 that people had to descend history 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 news..