The second aspect, Cramer said, was that the Chinese government was propping up its steelmakers with cheap loans from state owned banks. Thus, Chinese companies continued to produce steel though there wasn't as much demand in China, and instead dumped it around the world at unprofitable prices. This caused the entire globe to be flooded with cheap steel. These impacts were toxic to the earnings of steelmakers in the United States.
"A major game changer came forward about a month and a half ago when the Obama administration attempted to stop the flood of cheap Chinese steel. In early February, Congress passed the new customs and trade enforcement bill, which gave the president authority to take action against China's dumping of state-subsidized goods.
On March 1, the commerce department announced it would add import duties on cold-rolled steel from seven countries, including China.
"Call that protectionist if you want to, I say it is smart policy and one of the most pro-business things President Obama has done since taking office," Cramer said."
Source.
And Obamas tariffs were 266%. Not the measly 30% Trump wants. I'm just a little on my last nerve when it comes to phony outrage right now. And those tariffs didn't manage to create inflation.
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