Wall Street Journal Warns How Trump Is Repeating First-Term ‘Blunder’ | EUROtoday

The Wall Street Journal on Monday warned how President Donald Trump appears to be like doomed to repeat a “blunder” from his first time period together with his newly signed government orders that slap a 25% tariff on all aluminum and metal imports.

Domestic metal producers benefited however these corporations who use metal ended up with increased prices and needed to lay off some staff as, amongst different penalties, American producers grew to become much less aggressive on the worldwide stage, famous the Journal.

“This is political rent-seeking at its most brazen, and it benefits the few at the expense of the many,” the board wrote in its editorial, titled “The Truth About Trump’s Steel Tariffs.”

“None of this matters to Mr. Trump, whose dogmatic views on tariffs can’t be turned by evidence,” it added. “But we thought our readers would like to know the rest of the story.” Read the total editorial right here.

Trump, when signing the manager orders on Monday, stated it was “time for our great industries to come back to America” as a result of “we were being pummeled by both friend and foe alike.”

Canada, Brazil, Mexico and South Korea are America’s greatest sources of metal.

Last week, the Rupert Murdoch-owned Journal’s editorial board trashed Trump’s concept to create a sovereign wealth fund by saying it “deserves to die in Congress” and predicting it could “destroy more wealth than it creates.”