So, yes, the idea that one way or another you should maintain a domestic steel industry is not crazy, and the kind of thing lefties would argue over the years.
But randomly changing the tariff number every few weeks whenever gramps gets bored is not a well-thought-out comprehensive industrial policy that is likely to achieve any sensible goals.
But while the inflationary impact on U.S. domestic prices is widely expected to be severe, the effect in Europe will be more mixed, according to analysts — with some buyers and manufacturers able to benefit from lower prices.
“This was an absolute surprise. Already steel prices in the U.S. are higher than anywhere else, and it is a net importer which needs to have volumes coming in. All this does is raise prices there,” Josh Spoores, head of steel Americas analysis at CRU, told CNBC on Monday.