Trump's tariffs might be a factor in 'Steelmageddon'


President Trump proudly announced the resurgence of the U.S. steel industry last July.
At the time, things were going pretty well, Bloomberg reports. Trump's steel tariffs meant fewer imports, which meant an increase in demand domestically, which meant higher profits. Trump's tax cuts and the promise that protectionism wasn't going anywhere also encouraged domestic producers to add more capacity.
But a global economic slowdown has undone much of that progress.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Whether Trump's tariffs are to blame for the slowdown and, thus, in a cruel twist of fate, for harming the industry the president once boasted of reviving, is up for debate. Analysts, though, think the tariffs at least have played a role in the decline — by instilling premature confidence in the industry. Nucor Chief Executive Officer John Ferriola said that the decline is part of an unavoidable "evolution," that was "sped up" by the president's protectionist trade policies.
"Be careful what you wish for," Bank of America analyst Timna Tanners said of the steel industry's push to add capacity without enough demand. Tanners dubbed it "Steelmageddon," adding that it was ironic that the tariffs were aiding in "punishing" steel companies. Read more at Bloomberg.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Tim is a staff writer at The Week and has contributed to Bedford and Bowery and The New York Transatlantic. He is a graduate of Occidental College and NYU's journalism school. Tim enjoys writing about baseball, Europe, and extinct megafauna. He lives in New York City.
-
Today's political cartoons - May 10, 2025
Cartoons Saturday's cartoons - artificial intelligence, cryptocurrency, and more
-
5 streetwise cartoons about defunding PBS
Cartoons Artists take on immigrant puppets, defense spending, and more
-
Dark chocolate macadamia cookies recipe
The Week Recommends These one-bowl cookies will melt in your mouth
-
Warren Buffet announces surprise retirement
speed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement
-
Trump calls Amazon's Bezos over tariff display
Speed Read The president was not happy with reports that Amazon would list the added cost from tariffs alongside product prices
-
Markets notch worst quarter in years as new tariffs loom
Speed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
-
Tesla Cybertrucks recalled over dislodging panels
Speed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
-
Crafting emporium Joann is going out of business
Speed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
-
Trump's China tariffs start after Canada, Mexico pauses
Speed Read The president paused his tariffs on America's closest neighbors after speaking to their leaders, but his import tax on Chinese goods has taken effect
-
Chinese AI chatbot's rise slams US tech stocks
Speed Read The sudden popularity of a new AI chatbot from Chinese startup DeepSeek has sent U.S. tech stocks tumbling
-
US port strike averted with tentative labor deal
Speed Read The strike could have shut down major ports from Texas to Maine