JUST IN: Dow Takes Critical Nosedive After Trump Announces 25 Percent Tariff On Steel

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Donald Trump likes to coast through the presidency, flying by the seat of his pants. The trouble with that method of management, which involves split-second decisions, is that there are frequent unintended consequences. Trump’s latest decision has had one doozy of an outcome.

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This time 45 really blew it. He said that his administration will place a tariff of 25 percent on imported steel and 10 percent on imported aluminum.

The stock market plummeted in a free-fall after Trump announced his decision on tariffs. The Dow crashed downward 600 points, and the S&P fell into a correction range.

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A spokesman for House Speaker Paul Ryan (R-WI) said as reported by NBC News:

‘The speaker is hoping the president will consider the unintended consequences of this idea and look at other approaches before moving forward.’

This should come as no surprise to the president’s supporters, because he made protectionist trade policies central to his campaign promises. NBC News reported that Trump often said that this country had been:

‘Decimated by decades of unfair trade and bad policy.’

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The man in the Oval Office tweeted this message announcing his intentions:

‘Our Steel and Aluminum industries (and many others) have been decimated by decades of unfair trade and bad policy with countries from around the world. We must not let our country, companies and workers be taken advantage of any longer. We want free, fair and SMART TRADE!’

During a meeting of business leaders at the White House, Trump said:

‘We’re going to be instituting tariffs next week.’

Canada is both our ally and a major trading partner, and it released this statement:

‘Any restrictions would harm workers, the industry and manufacturers on both sides of the border. The Canadian government will continue to make this point directly with the American administration at all levels…Should restrictions be imposed on Canadian steel and aluminum products, Canada will take responsive measures to defend its trade interests and workers.’

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Senator Mike Lee (R-UT) said that these new tariffs would be “(a) huge job-killing tax hike:”

‘While I am sympathetic to the issues facing domestic steel manufacturers, there must be a better way to address the steel industries concerns, and I hope Congress and the executive branch can identify an alternative solution before these tariffs are finalized next week.’

The stock market is back in free-fall following Pres. Trump's declaration that he'll impose a 25% tariff on imported steel.

Posted by NowThis Politics on Thursday, March 1, 2018

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Featured Image via Getty Images/Win McNamee.