Stansberry Research reports an interesting development in the Trump administration. Recently, President Donald Trump made yet another of his many surprising announcements to the effect that he will soon be imposing increased tax tariffs on businesses that import steel and aluminum. The President is seeking to bridge the employment gap that the metal industry has created over the years. According to the available data, the aluminum and steel industry in the US employs a paltry 300k people. The figure represents 0.1% of the population. Trump is of the view that outsourcing is what has led to the loss of jobs in the industry; but is that really true?
President Donald Trump faced much opposition from many quarters from the moment he announced the tariff increases on steel and aluminum importation. His own Republican Congressmen joined the fray in viciously criticizing the president’s intentions. It has been reported, reliably, that even members of his administration were opposed to the tariff increases. Mr. Gary Cohn, the president’s own advisor on economic matters also opposed it. These developments gave a ray of hope to the dissenting camp that Trump will be forced to drop his plans. However, following the resignation of Gary Cohn from his position in the Trump administration, the President may be well on his way to carrying through his plans. Pundits signal that such a move might lead to investor backlash in the US, hence defeating Trump’s intention to create more job opportunities.
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