President Trump boasts that his trade policies are bringing back the steel industry, but recent corporate earnings reports make clear that they're also hurting the bottom line at many manufacturing companies.
Major American steelmakers have reported higher-than-expected revenue in the second-quarter, thanks in part to Trump's 25 percent tariffs on imported steel. Nucor, the largest U.S. steel company, said in July that its second-quarter earnings more than doubled, partly because of higher steel prices.
Still, the number of manufacturers that produce steel is dwarfed by the number that consume it, and many companies have complained they're facing higher prices because of the Trump administration's tariffs on steel and aluminum. They include major names such as General Motors, 3M, Stanley Black and Decker, and Caterpillar.
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