Only a Democratic administration backed by a Democratic Congress would start and continue a trade war against China. George Bush and the Republican Party were not whores subservient to labor unions, but the Democratic Party is. We and our children and grandchildren will suffer from this tragedy of political corruption.
What did the Democrats and Obama do and why is it so absurd?
The Obama administration is placing the second round of tariffs on China. The first was tires. The second is on steel worth $2.7 billion. Who gets hurt? Every user of steel products and by-products related to steel will see prices increase... bridges, cars, refrigerators, stoves, etc. When the Chinese respond as they have in the past, the workers in all the export industries that the Chinese target will be hurt and many will lose their jobs. The response to the tire trade war was to punish the nylon industry.
Why is this absurd? The charge against Chinese steel is dumping. The idea of dumping is what is absurd. Dumping is defined as selling a product below its cost. No economist has ever found an entire industry anywhere in the world that sold products below the cost of production. It can't be done, a few producers would break ranks.
Considering that China's top ten steel companies produce only 33% of Chinese steel it is inconceivable that dozens and dozens of other Chinese companies could collude to sell steel below cost. America has much more of a monopoly potential. Two American steel companies produce 50% of American steel. The American charge of Chinese dumping is absurd, malicious and preposterous.
China has no reason to dump steel. China's steel sales in the U.S. have been growing at a very high rate from 4% of the American steel market seven years ago to 19% today. Without dumping. The steel sales have been growing because the steel is cheaper, better and comes in the right product mixes (wire, sheet, beams etc..).
This is madness, Democratic Party madness. We are presently governed by malicious, blind, union-ass-kissing, upside-down turtles.