How did steel impact pur economy

1 answer:

Volgvan3 years ago

5 0

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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In his work titled "Organization of Labor" published in 1840, Louis Blanc wrote and I quote; "Who would be blind enough not to see that under the reign of free competition the continuous decline of wages necessarily becomes a general law with no exception whatsoever?"

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In the submission of Louis Blank "The government ought to be considered as the supreme regulator of production and endowed for this duty with great power. This task would consist of fighting competition and of finally overcoming it. The government ought to float a loan with the proceeds of which it should erect social workshops in the most important branches of national industry."

Full text of Louis Blanc's "Organization of Labor" (1840) was obtained from Internet History Sourcebooks of Fordham University.

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