Molten furnace in a steel mill. Photo: Caiaimage/Agnieszka Olek

President Trump's steel tariffs are costing American consumers $900,000 for every job the tariffs have created or saved, the Washington Post reports, citing experts at the Peterson Institute for International Economics.

By the numbers: U.S. companies have been paying roughly 10% more for steel since Trump's tariffs went into effect nearly a year ago, amounting to about $11.5 billion per year, according to the Peterson Institute for International Economics. The Alliance for American Manufacturing claims that more than 12,700 jobs have been created or saved because of Trump's tariffs, which is how the experts came to the $900,000 per job figure. Peterson senior fellow Gary Hufbauer says that the number is so high because steel is "a very capital intensive industry" that doesn't employ many workers.

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20 Republican former U.S. attorneys endorse Biden, call Trump "a threat to the rule of law"

Photo: Mandel Ngan/AFP via Getty Images

Twenty Republican former U.S. Attorneys on Tuesday endorsed Joe Biden while saying that "President Trump's leadership is a threat to rule of law" in the U.S., the Washington Post reports.

What they're saying: In the letter, the former prosecutors criticize Trump's use of the Department of Justice, saying the president expects the DOJ to "to serve his personal and political interests."

  • "He has politicized the Justice Department, dictating its priorities along political lines and breaking down the barrier that prior administrations had maintained between political and prosecutorial decision-making," the letter says.
Updated 48 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Axios-Ipsos poll: Federal response has only gotten worse — The swing states where the pandemic is raging.
  2. Health: The coronavirus is starting to crush some hospitals — 13 states set single-day case records last week.
  3. Business: Winter coronavirus threat spurs new surge of startup activity.
  4. Media: Pandemic causes cable and satellite TV providers to lose the most subscribers ever.
  5. States: Nearly two dozen Minnesota COVID cases traced to 3 Trump campaign events.
  6. World: Unrest in Italy as restrictions grow across Europe.

Ted Cruz defends GOP's expected return to prioritizing national debt

Sen. Ted Cruz (R-Texas) told "Axios on HBO" on Monday that he wishes reining in the national debt was a higher priority for President Trump.

Why it matters: Trump pledged during the 2016 campaign to reduce the national debt and eliminate it entirely within eight years, though he also deemed himself "the king of debt" and said there were some priorities that required spending. In the fiscal year that ended in September, the deficit reached a record $3.1 trillion.