U.S. tariffs aren’t exactly having their intended effect. On Friday, the Wall Street Journal reported that U.S. steel imports grew 7 percent in October month on month, despite the 25 percent tariff President Donald Trump’s administration imposed on the product in the spring. U.S. steel workers are still benefiting from the tariffs; a 5 percent jump in domestic production this year has led to a 3 percent increase in steel manufacturing payrolls. But since U.S. producers still don’t make enough steel to meet domestic demand, steel prices in the United States have surged as well. The benchmark price for hot-rolled coiled sheet steel, for example, has climbed 22 percent in the past year, hurting U.S. industries that rely heavily on the commodity, such as the auto manufacturing industry. The report came a day after the Department of Commerce released new figures showing that the U.S. trade deficit reached its widest point in a decade in October – the fifth consecutive month of defic
Daily Memo: Tariff Trouble, Casualties of the US-China Tech War, Tunnels Into Israel
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