U.S. Steel to Invest $750M Thanks to Tariffs: 'We Are Experiencing a Renaissance'
By: John Binder
U.S. Steel has announced that they will invest $750 million at their 110-year-old steel manufacturing plant known as Gary Works in Gary, Indiana, crediting President Trump's protective tariffs on steel imports.
What was once the largest steel mill in the world will now get a $750 million facelift thanks to Trump's 25 percent tariff on all imported steel into the United States, designed to protect American industries and jobs from being outsourced.
In a statement this week, U.S. Steel executives said they would be revitalizing the Indiana plant which employs about 3,800 American workers, the Chicago Tribune noted.
While U.S. Steel executives say they are not yet planning to increase the number of jobs at the Indiana plant, U.S. Steel Corp. President and CEO David Burritt said the company is "experiencing a renaissance" because of Trump's tariffs.
"We are pleased to be making this significant investment at Gary Works, which will improve the facility's environmental performance, bolster our competitiveness and benefit the local community for years to come," Burritt said in a statement.
"We are experiencing a renaissance at U.S. Steel," Burritt said.
That manufacturing renaissance for U.S. Steel comes after decades of free trade policies which incentivized American companies to readily outsource their labor force to foreign countries.
Since 2001, free trade with China has cost millions of Americans their jobs. Between 2001 and 2015, about 3.4 million U.S. jobs were lost due to the country's trade deficit with China, as Breitbart News reported.
Of the 3.4 million U.S. jobs lost in that time period, about 2.6 million were lost in the crippled manufacturing industry, making up about three-fourths of the loss of jobs from the U.S.-Chinese trade deficit.Donald Trump, Tariffs, China, Steel, Fair Trade, Aluminum, Balance of Trade