August 10, 2023
One Ohio-based company is so eager to reap a regulatory windfall in profits that it’s ready to make American consumers — including millions in my home state of New Jersey — pay more for basic necessities at a time when many are still struggling.
Steelmaker Cleveland-Cliffs is urging the federal government to slap tariffs on imported tinplate steel used for the can packaging for food, personal care and household products. The result would be higher prices at the grocery store, contributing to inflation.
Washington should reject this blatant attempt to manipulate U.S. trade regulations.
Tariffs are taxes on imported goods. Proponents say they target foreign countries for dumping goods below the cost of production, but invariably it is consumers who are the ones hit with higher prices.
Cleveland-Cliffs is lobbying the U.S. International Trade Commission for tariffs of up to 300% on tinplate imports from eight countries. In this case, however, the evidence is clear that the U.S. producer is seeking an unfair advantage by burdening its foreign competitors with higher costs.
Tariffs are terrible for the economy. They reduce GDP, stifle wages, kill jobs, create economic uncertainty and reduce business investment. What’s more, they unfailingly provoke the countries impacted by tariffs to respond in-kind with tariffs on U.S. exports, further reducing economic output.
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