A Lesson in Crony Capitalism from U.S. Steelmakers

by Bryan Riley / /

A new union-backed campaign is pushing President Trump to “protect” steel companies from competition. These crony capitalists want President Trump to pick winners in the economy--steelmakers being the winners, with steel-using industries like carmakers and appliance manufacturers as the losers. Specifically, they want President Trump to impose costly new taxes and regulations on American steel-using manufacturers.

Here is a snapshot of the industry seeking government aid. The market value of the five largest U.S. steelmakers more than doubled over the last five years, from from $20 billion to $45 billion. That’s hardly the picture of an industry in need of government support.

The new ad includes this comment from President Trump: “I am not going to let America and its great companies and workers be taken advantage of any longer.”

That’s exactly what steelmakers are trying to do: take advantage others via their political clout. President Trump should not allow our great companies and workers be taken advantage of by these crony capitalists.