President Donald Trump's move last year to tax imported steel triggered jeers but also cheers. Its goal — to raise steel prices — threatened to hurt the legions of U.S. manufacturers that depend on steel.
But at least it would benefit U.S. steel companies and the Americans who work for them. That was the idea, anyway.
Yet Trump's 25% tariffs, it turns out, have done little for the people they were supposed to help. After enjoying a brief tariff-induced sugar high last year, American steelmakers are reeling. Steel prices and company earnings have sunk. Investors have dumped their stocks.