George Bush is about to make the second-worst mistake in his young Presidency (the first being his refusal to tell Congress to pound salt and that there was NO WAY IN HELL he would sign CFR). According to Reuters reports, our President is about to levy 30% tariffs on imported steel for up to three years, in a blatant act of patronage and political cynicism.
Note to Bush- Protectionism does not work. This will only prop up an industry that should have long ago gone bankrupt because of its inability to compete in a global market. Instead of going bankrupt, being bought out, and letting those assets be used by a responsible, productive entity, they will now be protected, choke and wheeze along on life-support for a couple more years, and cause retaliation from every other nation so that every American can pay more for imported products. Good thinking, boys.
And before someone fires back that our competitors are propped up by their government, let me remind you that they are SOCIALISTS, and that is one of the annoying things that they do.