MAKING THAT CLEAR TODAY.
THE DETAILS AND THE ANNOUNCEMENT
AND SIGNING WILL TAKE PLACE
SOMETIME NEXT WEEK.
CHARLES: TAMMY BRUCE.
, SHELBY HOLLIDAY AND GAYLE
TROTTER.
ATTORNEY AND CONTRIBUTOR AT "THE
HILL."
TAMMY, THE STEEL INDUSTRY IN
1953 HAD 650,000 WORKERS.
WE SEE THE MARKET FALLING APART.
WE HEAR PAUL RYAN, THE BUSINESS
ROUNDING TABLE.
EVERYONE IS COMPLAINING.
IT FEELS LIKE THIS IS
ESTABLISHMENT PUSHBACK AGAINST
PROMISES TO THE HEARTLAND.
TAMMY: IT IS.
THE ESTABLISHMENT PUSHINGBACK
AGAINST THAT AND COMPLAINING
ABOUT THINGS AND POTENTIALLY THE
NEGATIVE IMPACT OF WHAT THE
PRESIDENT WANTS TO DO.
HIS INSTINCT HAS BEEN RIGHT.
HIS COMMITMENT WAS TO AMERICAN
JOBS, FORGOTTEN INDIVIDUALS AND
THE RUST BELT.
WE IN FACT IF THE WORLD IS
MOVING TOWARD WAR WE NEED TO BE
MORE IN CONTROL OF THOSE
INDUSTRIES AND LESS RELIANT ON
CHINA AND SOUTH AMERICA.
BUTTER OTHER NATION.
>> TAMMY IS REFERRING TO THE
TRADE EXTENSION ACT 1962.
THE ROLE NATIONAL DEFENSE.
BUT THE STEEL INDUSTRY SAYS YOU
CAN APPLY TO THAT AS WELL.
MAYBE SOME OF IT SHOULD BE SPENT
HERE AND WE SHOULD HAVE A
HEALTHY AND COMPETITIVE GLOBAL
INDUSTRY.
>> I THINK THE PROBLEM
POLITICALLY HERE IS THERE IS SO
MANY CONFUSION SURROUNDING THE
ANNOUNCEMENT.
WE DIDN'T KNOW IF IT WAS COMING
THIS WEEK, NEXT WEEK.
HE WAS PRESENTED THREE OPTIONS.
HE ULTIMATELY CHOSE THE
TOUGHEST, STRONGEST OPTION.
UNTIL THIS DECISION IS MADE AND
SET IN STONE YOU WILL TUN TO SEE
CONFUSION AND SWINGS IN THE
MARKET.
INVESTORS ARE WORRIED.
EVEN THE INVESTORS IN THE U.S.
ARE WORRIED.
POLITICALLY IT IS FALLING
THROUGH ON A PROMISE AND IT'S
CAUSING A WHOLE LOT OF CHAOS
THAT DIDN'T NEED TO BE CAUSED.
CHARLES: THIS IS A PROMISE GOING
BACK ALMOST TWO YEARS.
THERE WAS SOME TELEGRAPHING
THERE WAS FRICTION INSIDE THE
WHITE HOUSE.
CARRY COHN FROM WALL STREET BUT
WILBUR ROSS SAID WE HAVE GOT TO
DO IT.
DESPITE HOW IT WAS DEVELOPED OR
PRESENTED TO THE AMERICAN
PUBLIC, IT'S OUT THERE NOW.
YOU HAVE TWO CAMPS.
PEOPLE WHO LOST THEIR JOBS WHO
ARE APPLAUDING THIS, AND PEOPLE
ON WALL STREET SAYING IT'S A BAD
MOVE.
>> IT'S THE FULFILLMENT OF A
CAMPAIGN PROMISE PRESIDENT TRUMP
MADE.
HE AS CANDIDATE TRUMP SAID HE
WAS GOING TO DO SOMETHING, AND
NOW HE IS GOING TO DO SOMETHING.
SOME PEOPLE ARE SAYING TARIFFS
ARE BAD, FREE TRADE IS GOOD.
BUT THE TRUMP ADMINISTRATION IS
SAYING OUR TRADE PARTNERS ARE
NOT TREATING US FAIRLY, AND HE'S
GOING TO TAKE THESE BOLD STEPS
TO IMPLEMENT HIS ECONOMIC POLICY
OF PUTTING AMERICA FIRST.
OF COURSE, THERE ARE CONCERNS
THERE COULD BE RETALIATION OR
THE BENEFITS COULD SLOW
DISPROPORTIONATELY TO THE STEEL
INDUSTRY.
BUT HE CAN TELL THE AMERICAN
PEOPLE HE HAS TAKEN ACTION ON
THEIR BEHALF.
CHARLES: CHINA, THEIR DEBT IS
$29 TRILLION UP FROM $6 TRILLION
IN THE LAST TWO YEARS.
60% OF THEIR GDP.
I DON'T KNOW HOW PEOPLE CAN HAVE
IT BOTH WAYS.
I DON'T KNOW HOW PEOPLE CAN SAY
IT'S A SMALL SLIVER OF EXPORTS.
BUT IF IT'S SO SMALL FOR US, IT
SHOULDN'T BE A BIG DEAL.
IS IT SO BIG FOR THEM THEY WOULD
ACTUALLY ENGAGE IN A TRADE WAR?
>> CANADA WHICH EXPORTS MORE OUR
STEEL.
BUT THERE CERTAINLY IS THE FEAR
OF RETALIATION AND WAIT WOULD
MEAN FOR IMPORTS AND FOR PRICES.
I ALSO JUST THINK POLITICALLY
YOU HAVE GOT TO WONDER DOES THE
MOVE COME BECAUSE THE PRESIDENT
IS MODERATING MORE ON GUNS AND
HE KNOWS HIS BASE WON'T BE SO
HAPPY WITH THAT OR IS IT
SOMETHING CALCULATED?
NOWHERE.
I THINK THE FEAR OF RETALIATION
IS TIGHTENED.
IF THIS WERE FORECAST AND
EXPECTED AND SMOOTH --
CHARLES: I DON'T KNOW IF WE HAVE
ANY TAPE OF PRESIDENT TRUMP ON
THE CAMPAIGN TRAIL PROMISING
THIS KIND OF ACTION.
SHOULD RESTRICTIONS BE IMPOSED
ACTION TO DEFEND ITS TRADE
INTERESTS AND WORKERS.
ALCOA PUT OUT A STATEMENT ON
THIS.
THEY SAID OF WHAT THE WHITE
HOUSE DOES, THEY CARVE OUT
CANADA SAYING CANADA HAS NOT
ABUSED THE SYSTEM.
THERE IS A CHANCE THIS COULD BE
A MOOT ARGUMENT.
TAMMY: THIS IS A TRIAL BALLOON.
SO CANADA IS MAKING ITS NOISE.
ALCOA SAYS WHAT IT WANTS TO DO.
BUT THE NOISE ABOUT THE DAMAGE
TRUMP IS GOING TO DO.
REMEMBER WHEN HE WENT TO OSLO,
THE GLOBAL MEETING, AND PEOPLE
WILL REJECT HIM AND HE'LL BE HAD
IT.
HE WAS GREETED LIKE A ROCK STAR.
THE WORLD KNOWS A STRONG
ECONOMIC AMERICA MEANING A
STRONG REST OF THE WORLD.
WHEN IT COMES TO RETALIATION
THEY ARE WORRIED ABOUT
AGRICULTURE.
CHINA IS 2%.
THEN IT COMES DOWN TO THE OTHER
INDUSTRY IT COMES DOWN TO
AGRICULTURE * IT WASSER IN
AMERICA ALONE.
IT WAS AMERICA FIRST, AND THAT
ULTIMATELY HAS TO MANIFEST IN
TRADE IN SOME WAY.
CHARLES: LET'S NOT FORGET AT THE
SAME TIME WE ARE IN THE LAST
PHASE OF RENEGOTIATIONS ON
NAFTA.
BUT AGAIN, YOU KNOW, WE DON'T
HAVE THE POLITICAL GUTS TO AT
LEAST PUSH BACK NOW, AND THE
LOWEST HANGING FRUIT.
CHEAP STEEL BEING DUMPED.
HOW CAN WE EVER STAND UP FOR
INTELLECTUAL PROPERTY.
>> I AGREE WITH WHAT TAMMY SAID
AND YOU HAVE AN EXCELLENT POINT.
THESE ACTIONS DON'T OCCUR IN A
VACUUM.
WE ARE TALK ABOUT HAVING TARIFFS
ON STEEL AND ALUMINUM, THAT'S IN
THE CONTEXT OF A GLOBAL ECONOMY.
THIS BOLD MOVE HAS IMPLICATIONS
FOR THE ENTIRE ECONOMIC POLICY