President Donald Trump on Thursday, March 1, announced that his administration planned to impose a 25% tariff on imported steel and a 10% tariff on imported aluminum. His argument was rooted in the notion that other countries' trade practices have undermined U.S. production and could potentially compromise national security at home.
While protectionists and free trade advocates erupted into a fierce debate, the stock market tumbled. The Dow Jones Industrial Average shed 420 points, or 1.68%, on Thursday, the S&P 500 lost 1.33% and the Nasdaq declined 1.27%.
It's important, then, to know how important steel and aluminum are to the U.S. economy.
After all, as much as 55% of a car's total weight comes from steel, according to the World Steel Association. Roughly 50% of steel use goes toward buildings and infrastructure. And about 16% of steel goes toward making mechanical equipment.
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One of the most powerful bankers of his era, J.P. (John Pierpont) Morgan(1837-1913) financed railroads and helped organize U.S. Steel, General Electric and other major corporations. ... Morgan used his influence to help stabilize American financial markets during several economic crises, including the panic of 1907
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Alexander Hamilton was the force behind the project, and was responsible for recruiting James Madison and John Jay to write with him as Publius. Two others were considered, Gouverneur Morris and William Duer. Morris rejected the offer, and Hamilton didn't like Duer's work. Even still, Duer managed to publish three articles in defense of the Constitution under the name Philo-Publius, or "Friend of Publius."
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