White House doubles on rates, says they were a huge success in the first term of President Trump | Today news

Prior to the tariff announcement by US President Donald Trump, the White House confirmed its position on rates and said that Trump’s first -term policy strengthened the US economy. It was stated that a 2024 study emphasized that rates led to significant repetition in industries such as manufacturing and steel production, which contributed to job creation and industrial investment. Impact on US production and trading a 2023 report by the US International Trade Commission has analyzed the effects of Article 232 and 301 rates on more than $ 300 billion in imports. The study concluded that rates lowered the import from China and stimulated US production, with a minimal increase in the downstream. Rates and inflation problems despite concerns of economists and policymakers, the Institute for Economic Policy found no link between Trump era tariffs and inflation. The organization noted that the rates only had a temporary impact on prices and that US steel production, employment and investment had significant profits. The growth and investment of the steel industry according to Industrial Week played an important role in strengthening US steel production. After implementing rates in 2018, US steel makers, including Nucor, US Steel, Cleveland-Cliffs, Steel Dynamics, CMC and AK Steel, invested billions of dollars in at least 16 major projects. Their combined annual investments more than doubled between 2017 and 2019, rising from $ 1.5 billion to $ 4.2 billion. Job creation and wage growth The White House cited an economic analysis of 2024, predicting that a global rate of 10% would produce $ 728 billion in economic growth, creating 2.8 million jobs and increasing the right household income by 5.7%. The Atlantic Council also found that tariffs encouraged US consumers to buy domestic produced goods, further stimulating local industries. Policy approval and industry response, former Treasury secretary Janet Yellen, said in 2024 that tariffs did not significantly affect consumer prices. Meanwhile, S&P Global noted that Trump’s tariff policies have improved the financial health of US-based steel and aluminum producers, strengthening a protectionist attitude that strengthens domestic industries. While President Trump is preparing to announce a new tariff wave, the administration still argues that protectionist policies favor the US economy. Catch all the business news, the news reports and the latest news updates on Live Mint. Download the Mint News app to get daily market updates. Business NewsNswsus Newswhite House doubles on rates, says they were a huge success in President Trump’s first term