Wilbur Ross Says Tariffs Are Working Despite U.S. Steel Layoffs

The video discusses US Steel's recent announcement of layoffs and dividend cuts, highlighting the impact of tariffs on the US steel industry. It explores the closure of high-cost facilities and investments in modern plants, particularly in Pennsylvania. The discussion also covers the cooperation with GM and Ford to provide employment for displaced workers. The effectiveness of tariffs in boosting capital investment and job creation in the steel and aluminum industries is evaluated. Finally, the potential implementation of tariffs on steel imports from Argentina and Brazil is considered, with a focus on the most effective trade restrictions.

What recent action did US Steel announce that has brought them into the news?

• They are opening a new plant in Brazil.

• They are planning layoffs and cutting dividends.

• They are increasing their dividends.

• They are expanding their workforce.

What is the main reason for US Steel closing down one of its plants?

• The plant has been historically high-cost.

• The plant is too modern and advanced.

• The plant is located in a remote area.

• The plant is in a foreign country.

How is US Steel planning to remain competitive in the future?

• By increasing the cost of their products.

• By reducing the number of employees.

• By investing in new, modern facilities.

• By outsourcing production to other countries.

What has been one of the expected results of the tariffs on the steel and aluminum industries?

• A decrease in capital investment.

• An increase in capital investment and jobs.

• A reduction in the number of jobs.

• A decline in global competitiveness.

What is the current status of tariffs on steel from Argentina and Brazil?

• They are under consideration but not yet in effect.

• They have been fully implemented.

• They have been canceled.

• They are only applicable to aluminum.