At the beginning of March, President Donald Trump announced new tariffs on steel and aluminum. Countries importing these goods to the United States would pay a 25 percent tariff on steel and 10 percent on aluminum. Trump said the tariffs are necessary to protect American industry. However, economists and historians disagree, saying that they will actually end up hurting America more than helping it.

Trump wants tariffs on foreign steel and aluminum. But will this actually hurt the American economy?

The idea behind imposing these high tariffs is to protect American steel and aluminum production.

Trump mentioned raising tariffs during the campaign as part of his "America first" economic policy. The logic is that, by imposing tariffs — or taxes — on foreign imports, American businesses are more likely to use American-made steel and aluminum instead. However, American production in these metals is low compared to the foreign competition. In fact, the steel industry employs around 140,000 people while steel-consuming industries employ 6.5 million. Based on volume alone, American steel production can't meet the demand for what American businesses need. And forcing companies to pay a steep tariff to import won't help the economy at all.

If American companies are forced to pay more for raw materials, that cost will certainly be passed down to the consumer. This will ultimately result in a higher cost to purchase goods. Consumers will likely buy less as a result. And companies will be incentivized to lay off workers to offset the cost. All of this actually ends up harming American business, rather than protecting it.

Steel workers could be the hardest hit by the increased tariffs

But all of this isn't just theory or conjecture. We have already seen the negative impacts of increased tariffs on steel.

President George W. Bush enacted import tariffs in 2002. And an independent study from Trade Partnership Worldwide found that higher steel prices cost 200,000 jobs and total lost wages were about $5.5 billion in today's dollars. That's a huge economic impact, just like Trump is boasting…but not in the way he has predicted.

Additionally, this situation could be exacerbated as foreign governments impose their own tariffs on American goods in retaliation. The European Union has compiled a list of U.S. products that would receive additional import taxes, including bourbon and Harley Davidson motorcycles. All told, this would amount to a 25 percent tariff on $3.5 billion of goods. This would definitely dissuade EU countries from purchasing American products — further worsening the economic situation. If American companies are making less money, they will have less capital to hire and pay employees. This could result in massive layoffs.

With the United States and Europe considering tariffs on imports, this situation echoes of a trade war that took place in the 1930s, just before the Great Depression hit.

The Tariff Act of 1930, also known as the Smoot-Hawley Tariff after the bill's co-sponsors, increased nearly 900 import taxes. In response, nations around the world also hiked their tariffs. This resulted in a trade war that was a contributing factor in worsening the Great Depression.

The World Trade Organization was founded in part to prevent another trade war from happening. The goal of the WTO is to promote and facilitate global trade. Part of the agreement in its founding was that all of the participating countries would lower or remove their tariffs to allow more free trade. Today, the WTO serves as a governing body to work out trade disputes between countries and prevent unnecessary tariff hikes. Trump's steel and aluminum tariffs were unilaterally enacted by the United States and forces the rest of the world to respond.

Overall, Trump's reasoning behind imposing new steel and aluminum tariffs doesn't match up with the economic realities. His goal is to promote and support American business, but these tariffs will only ultimately end up harming it.

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Over two years into the most momentous event in our lives the world has changed forever … Some of us have PTSD from being locked up at home, some are living like everything’s going to end tomorrow, and the rest of us are merely trying to get by. When the pandemic hit we entered a perpetual state of vulnerability, but now we’re supposed to return to normal and just get on with our lives.

What does that mean? Packed bars, concerts, and grocery shopping without a mask feel totally strange. We got used to having more rules over our everyday life, considering if we really had to go out or keeping Zooming from our living rooms in threadbare pajama bottoms.

The work-from-home culture changed it all. Initially, companies were skeptical about letting employees work remotely, automatically assuming work output would fall and so would the quality. To the contrary, since March of 2020 productivity has risen by 47%, which says it all. Employees can work from home and still deliver results.

There are a number of reasons why everyone loves the work from home culture. We gained hours weekly that were wasted on public transport, people saved a ton of money, and could work from anywhere in the world. Then there were the obvious reasons like wearing sweats or loungewear all week long and having your pets close by. Come on, whose cat hasn’t done a tap dance on your keyboard in the middle of that All Hands Call!

Working from home grants the freedom to decorate your ‘office’ any way you want. But then people needed a change of environment. Companies began requesting their employees' RTO, thus generating the Hybrid Work Model — a blend of in-person and virtual work arrangements. Prior to 2020, about 20% of employees worked from home, but in the midst of the pandemic, it exploded to around 70%.

Although the number of people working from home increased and people enjoyed their flexibility, politicians started calling for a harder RTW policy. President Joe Biden urges us with, “It’s time for Americans to get back to work and fill our great downtowns again.”

While Boris Johnson said, “Mother Nature does not like working from home.'' It wasn’t surprising that politicians wanted people back at their desks due to the financial impact of working from the office. According to a report in the BBC, US workers spent between $2,000 - $5,000 each year on transport to work before the pandemic.

That’s where the problem lies. The majority of us stopped planning for public transport, takeaway coffee, and fresh work-appropriate outfits. We must reconsider these things now, and our wallets are paying

the price. Gas costs are at an all-time high, making public transport increase their fees; food and clothes are all on a steep incline. A simple iced latte from Dunkin’ went from $3.70 to $3.99 (which doesn’t seem like much but 2-3 coffees a day with the extra flavors and shots add up to a lot), while sandwiches soared by 14% and salads by 11%.

This contributes to the pressure employees feel about heading into the office. Remote work may have begun as a safety measure, but it’s now a savings measure for employees around the world.

Bloomberg are offering its US staff a $75 daily commuting stipend that they can spend however they want. And other companies are doing the best they can. This still lends credence to ‘the great resignation.’ Initially starting with the retail, food service, and hospitality sectors which were hard hit during the pandemic, it has since spread to other industries. By September 2021, the US Bureau of Labor Statistics reported 4.4 million resignations.

That’s where the most critical question lies…work from home, work from the office or stick to this new hybrid world culture?

Borris Johnson thinks, “We need to get back into the habit of getting into the office.” Because his experience of working from home “is you spend an awful lot of time making another cup of coffee and then, you know, getting up, walking very slowly to the fridge, hacking off a small piece of cheese, then walking very slowly back to your laptop and then forgetting what it was you’re doing.”

While New York City Mayor Eric Adams says you “can't stay home in your pajamas all day."

In the end, does it really matter where we work if efficiency and productivity are great? We’ve proven that companies can trust us to achieve the same results — or better! — and on time with this hybrid model. Employees can be more flexible, which boosts satisfaction, improves both productivity and retention, and improves diversity in the workplace because corporations can hire through the US and indeed all over the world.

We’ve seen companies make this work in many ways, through virtual lunches, breakout rooms, paint and prosecco parties, and — the most popular — trivia nights.

As much as we strive for normalcy, the last two years cannot simply be erased. So instead of wiping out this era, it's time to embrace the change and find the right world culture for you.

What would get you into the office? Free lunch? A gym membership? Permission to hang out with your dog? Some employers are trying just that.

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Did you hear about the Great Resignation? It isn’t over. Just over two years of pandemic living, many offices are finally returning to full-time or hybrid experiences. This is causing employees to totally reconsider their positions.

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