r/neoliberal • u/Saltedline Hu Shih • Dec 03 '24

Trump vows to block Nippon Steel's planned purchase of US Steel News (Asia)

https://mainichi.jp/english/articles/20241203/p2g/00m/0bu/020000c

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103

u/brucebananaray YIMBY Dec 03 '24

So the jobs in those towns and cities will be gone because Trump is petty and America first.

Hey, I don't feel sad about those workers losing their jobs because they voted for this moron.

72

u/eta_carinae_311 Dec 03 '24

The Daily episode today was about Trump's previous round of tariffs. The steel tariffs DID work in the sense that American steel production rose.

But the industries that use steel, like automakers, produced less because it was more expensive.

So while there was a bump for one industry (steel), the overall economy lost.

61

u/Se7en_speed r/place '22: Neoliberal Battalion Dec 03 '24 edited Dec 06 '24

Bush literally did the same thing and it backfires in the same way.

I am begging for people to learn from the past.

12

u/WolfpackEng22 Dec 03 '24

No learn

Avoidable suffering only

13

u/goldenCapitalist NATO Dec 03 '24

Tariffs are privatized gains for socialized losses. Making things more expensive for everyone to bolster the domestic industry of a select few. We see this in agriculture products today, and now steel.

1

u/Aidan_Welch Zhao Ziyang Dec 03 '24

This is almost everything in a democracy though, there are some people who benefit a lot from something so they lobby for it, and a lot of people who have marginal (and sometimes not so marginal) cost for them individually.

9

u/BBQ_HaX0r Jerome Powell Dec 03 '24

Almost like Milton Friedman warned us about the invisible cost of protectionism fifty years ago.