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For an "Executive Decision" segment, Cramer spoke with John Ferriola, chairman, president and CEO of Nucor (NUE) , for the real story about what's been happening to our steel industry and what tariffs mean for his industry and the country.
Ferriola said that these tariffs should not have come as a surprise to anyone. They were a campaign promise of the president's and our government has been looking into them for over a year.
China has been a "bad actor" in the industry for years, Ferriola noted, as the country has enough steel capacity to meet the demand of the U.S. market three times over. Whether that steel comes to the U.S. directly or floods other parts of the world, the entire market pays the price.
Ferriola said that many countries around the globe have value-added taxes (VATs) on imports, and the tariffs announced last week merely put the U.S. in line with the rest of the world. The cost to consumers will be about $160 for a $36,000 automobile and less than one penny per can of beer or soda.
As for what this will mean for our country, Ferriola explained that a full one-third of the U.S. industry has disappeared since 1985 and that trend would only continue had actions not been taken. Steel is not only vital for defense but also for infrastructure, and for a robust economy.
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