THERE ARE AT LEAST TWO SIDES TO EVERY STORY

How effective is Trump’s ‘Buy American’ policy?

'Buy American’ will hurt US economy

It creates jobs & benefits economy

 Getty: Scott Olson / Staff

Trump’s “Buy American” policy, which raises prices on foreign imports so that companies buy local, will hurt the US economy, believes Annalyn Kurtz of Fortune. She asserts that US construction is already hampered by rising material prices, which this change will perpetuate. As companies won’t be able to rely on cheap imports, all additional costs will be passed on to their clients, infers Kurtz. In fact, these rising costs might cause publicly-funded projects like highways or schools to be outright canceled since their funding will no longer suffice, she asserts. "Buy American" serves as a nice slogan but will hurt competition and do little for the economy, infers Kurtz.

Keep on reading at Fortune

US steel company stocks have already soared after Trump introduced his “Buy American” policy, indicating that he is helping the American economy, reports Lauren Thomas of CNBC. She suggests that the president is tackling the issue of foreign steel imports posing a threat to US national security. Thomas quotes the CEO of U.S. Steel, Mario Longhi, saying that unfair trade practices from other countries hurt the US and that aiding American companies will create more jobs. She implies that this change will help the economy by cutting out unfair foreign competition; its effects can already be felt by the rising share prices of US steel, which foreshadows more growth.

Keep on reading at CNBC
75.0%
Where do you stand?
25.0%
SHOW COMMENTS
Write a response...
See what else you’re missing
single
modal image