This is gonna be bad.
Trump unilaterally announced this morning that his regime will impose tariffs on imports of steel and aluminum next week. Trump made the announcement in front of steel and aluminum executives who obviously loved it.
WASHINGTON (Reuters) - U.S. President Donald Trump said on Thursday the United States will impose tariffs of 25 percent on steel imports and 10 percent on imported aluminum next week.
At a meeting with U.S. industry officials at the White House, Trump vowed to rebuild American steel and aluminum industries, saying they had been treaded unfairly by other countries for decades.
I say Trump "unilaterally" made the announcement because, according to various reports and statements, the majority of Trump's advisers including his chief economic adviser Gary Cohn oppose the tariffs. Trump's announcement also wasn't on the official schedule released this morning and members of Congress weren't aware of the announcement until reporters asked them about it in hallways of the capital this afternoon.
There have also been reports that Trump made the announcement today because he's "furious" about the embarrassment and implosion of his administration from Ben Carson's expensive dining table to Hope Hicks' abrupt resignation and the continuing investigations of virtually every single person close to him.
A trade war that will cost thousands of jobs and probably increase the price of beer cans is quite a distraction I suppose.
Speaking with Trump friends and WH officials, it’s clear the president is agitating for action on trade for several reasons: wants to rally base amid tumult, impatient about pace on trade so far and on post-tax agenda, plus Navarro is rising in West Wing
— Robert Costa (@costareports) March 1, 2018