U.S. Steel plans layoffs as Trump destroys economy

U.S. Steel said in a filing the steelmaker made with the State of Michigan, that the company will temporarily lay off up to 200 workers at one facility within a few weeks.

In mid-June, the company said it would idle two blast furnaces at its Great lakes and Gary Works plants, citing lower steel prices and softening demand as a result.

An official at the United Steelworkers union, which represents U.S. Steel workers, said lay-offs were also planned for the Gary Works facility in Indiana.

The lay-offs call into question claims President Donald Trump has made about the resurgence of the domestic steel industry in response to his 25% tariff on foreign imports.

Last week in Pennsylvania, Trump said his tariffs have turned a “dead” business into a “thriving” enterprise.

U.S. Steel’s stock price has plunged 73% since March 1, 2018, when Trump announced his decision to crack down on foreign imports.

U.S. stock indexes dropped after Trump told companies to close their China operations, following Beijing’s announcement that it would impose retaliatory tariffs on American goods.

Trump has increased chances of a recession created other risks to the U.S. economy by inviting a trade war with China, hindering immigration and insulting such democracies as Britain, France and Germany, which have all been staunch American allies.

In recent weeks, Trump has lashed out at leaders of those allies, while again flattering dictators like North Korea’s Kim Jong Un and Russia’s Vladimir Putin.

Trump departed for France to represent the U.S. at the G-7 summit of world leaders, many of which he has insulted.

Earlier this week, the president canceled his planned trip to Denmark and fired insults at that nation’s prime minister for statting Greenland is not for sale, in response to the bizarre interest expressed by Trump in buying the world’s largest island.

“The President is his own worst enemy when he tries to manage both fiscal and monetary policies,” said Craig Bishop, lead strategist of fixed income group, RBC Wealth Management at Minneapolis.

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