President Trump is getting his tariffs, 25% on steel and 10% on aluminum. (The steel number is up from the recommended 24%, as Trump preferred the round number.)
- The winners: Wilbur Ross and Peter Navarro.
- The losers: The World Trade Organization, the stock market (the Dow ended the day down 420 points), Capitol Hill, Gary Cohn, James Mattis, Steven Mnuchin and Rex Tillerson.
Why it matters, via Axios' Jonathan Swan, who has dominated the trade story:
- "These tariffs have the potential to roil markets and affect relationships with allies."
- "Trump is also touching the third rail of international trade law — he’s using an arcane trade law known as Section 232 to justify his actions."
- "He’s saying 'F You' to the World Trade Organization and arguing the global overproduction of steel and aluminum constitutes a national security threat to the U.S."
- "He's also breaking with Capitol Hill and top officials — including Gary Cohn, James Mattis, Steven Mnuchin and Rex Tillerson — who have been arguing strenuously against these tariffs."
Go deeper: Swan's reaction to the tariff announcement is worth your time.