WASHINGTON (Reuters) – President Donald Trump said on Wednesday his tariffs on foreign steel are saving the U.S. industry and he predicted that in the future American steelmakers will mostly face domestic competition, the Wall Street Journal reported.
FILE PHOTO: U.S. President Donald Trump speaks about trade at the Granite City Works steel coil warehouse in Granite City, Illinois, U.S., July 26, 2018. REUTERS/Joshua Roberts/File Photo
In a 20-minute interview with the newspaper, Trump said some people may complain that steel prices may be “a little more expensive” in the short term because of the tariffs, but that ultimately they will drop. (on.wsj.com/2KYrku2)
He told the Journal the 25 percent tariffs on steel will rescue an industry important to U.S. national security.
As a result of the tariffs, competition will be “internal, like it used to be in the old days when we actually had steel, and U.S. Steel was our greatest company,” he told the newspaper.
Reporting by Eric Beech; Editing by Sandra Maler