But here’s the thing: the manufacturers that use steel generate nearly $1 trillion in value-added output, according to the Cato Institute, using government data. And they employ some 6.5 million people. What’s more, as Cato argues, “low-priced steel imports provide a substantial net benefit to the US economy” as an input to other manufacturing. This is a good thing for most American manufacturing and is in effect a net transfer of wealth to the US from China.

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