179. Protectionism Isn't Usually Good

I just got finished mentioning what Mr. Smick said about avoiding protectionism (see Post 174) and BINGO. Reported here is the U.S. meddling yet again in free trade blindly singing protectionism. Seems the U.S. Steel lobbyists didn't get their Christmas present. Well, here fellows. Your daddy Uncle Sam will impose a 10.35%-15.78% duty on Chinese steel pipes. That should help you have a Happy New Year. Now just where will China get the money they will lose? Hmmm. Impose price hikes to their steel to cover it? Increase their subsidies to cover it? How about increase everything they send us and send America into an inflation spin? Mr. Smick warned the politicians to be careful. I hope this move was carefully considered. Want to bet steel goes up?