The COVID-19 pandemic threw the world for a loop when it began to spread rapidly in March 2020. The world panicked, and everyone locked themselves indoors to stay safe. This resulted in a bonafide economic recession due to decreased consumer activity.
President Trump has announced that he will lift steel and aluminum tariffs on Canada and Mexico. This decision was reached in an effort to pass the United States Mexico Canada Agreement, an update to the North American Free Trade Agreement.
The steel industry is vital to the success of the US economy. Over the past decade, many steel companies have struggled to remain profitable. While last year’s steel tariffs left the fate of the industry uncertain, 2018 definitely ended on a high note.