Based on logic and our experience with Trump’s previous steel and aluminum tariffs, the latest tariffs will save a handful of jobs at an exorbitant cost to the economy as a whole. The U-turn on the sale of US Steel to Nippon Steel, on the other hand, is mostly welcome. Biden’s attempt to block the sale was just an unsuccessful pander to the union; the new agreement permits the deal to go forward while preserving some unnecessary federal government influence in the operation of the business.
The government influence part isn’t exactly a great way to encourage foreigners to invest in American businesses, but Trump, as a reactionary, has a soft spot in his heart for the steel industry, so it probably won’t serve as a precedent for many future investments. Let’s hope not.