Well, howdy there, Internet people, it's Bell again. So today, we're going to talk about steel,

aluminum, tariffs, and what's going to get more expensive. Steel and aluminum now. Trump has now

announced 25% tariffs on all imported steel and aluminum. His stated reason is that it boosts domestic

production. The thing worth remembering is that we've already seen this before. During his first

term, he imposed similar tariffs. In 2018, he slapped a 25% tax on imported steel and a 10% tax on aluminum.

So what happened?

Exactly what economists said would happen.

It jacked up prices.

According to the Peterson Institute for International Economics, it costs American consumers

and businesses around $11.5 billion just for the steel tariffs.

Job growth in the steel sector was unimpressive.

So some trade magazines said that it saved jobs that would have been lost.

Even if you accept that at face value, it costs American consumers about $900,000 for every one

of the 12,000 or so jobs saved. The problem is that steel production doesn't require a lot of

employees, and making things out of steel does. I'll put a link to a study below that suggests Trump's first try at this

cost the U.S. about 175,000 manufacturing jobs, leading to Trump's first attempt being a net

loss, costing 160,000 Americans their jobs. So, we can expect more in prices without any discernible benefit.

But what are we going to pay more for? The obvious answer is whatever uses aluminum or steel,

but there's a few things where it should be visible pretty quickly. Some will be obvious. Cars. There's a lot of

steel in vehicles. So those prices will go up. Some aren't so obvious. Beverage is. Trump's first

tax on Americans cost the U.S. beverage industry $1.7 billion before Biden cut the tax. And as far as the

terrorists protecting American jobs, on Tuesday, Coca-Cola CEO said they'd be looking at different

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