The $14 billion deal between U.S. Steel and Nippon Steel that President Donald Trump announced Friday, along with a sharp increase in aluminum and steel tariffs, shows that it's a "fabulous time to be leaning into American manufacturing," Drew Greenblatt, CEO of Marlin Steel, told Newsmax Saturday.
"I'm very optimistic about American manufacturing," Greenblatt, appearing with financial markets economist John Lonski, the president of the Lonski Group, told Newsmax's "America Right Now." "I'm very optimistic about what's going to happen with global, with our reindustrialization as a nation."
And the U.S. Steel-Nippon deal means that the Japanese company will invest $14 billion into new technology in American steel mills, making them more effective, efficient, and productive, said Greenblatt.
"That also means that you're going to have tens of thousands of new U.S. Steel workers getting paid big bucks," he said. "It's going to help the industry flourish because the local vendors, local clients like myself, who buy sheets of steel, coils of steel, all these things are going to be made in America with better quality. It's a win, win, win, and I'm very excited about the future."
Trump also announced steel and aluminum tariffs of 50%, which Lonski warned will mean higher prices for products using those materials.
"That can of beer may be a little bit more expensive because of this latest jump in the tariffs placed on aluminum from 25% to 50%," said Lonski.
Using tariffs as an incentive to expand on U.S. manufacturing capacity not only puts higher prices on final products, but there is not guarantee that the tariffs will remain once a Democrat is president. There are also so many "twists and turns" on tariff policy happening that it is affecting U.S. industry in general, said Lonski.
The shifts aren't only happening because of Trump, he said, but because of the "intervention of the courts that have at one time temporarily turned back these tariffs, [so] business leaders can't plan. They don't know really what they should be doing in terms of investment spending and in terms of hiring activity."
Greenblatt acknowledged that it will take some time to reinvest in U.S. industry, but he said the "big picture is that there's incredible optimism in American manufacturing."
He also pointed out that there are huge tax cuts coming.
"We know that if a foreign company comes in and wants to build a company, a factory in America, they're going to be able to have a tax write-off. So factories from Germany and other countries, France, Europe, they're going to come to America and build here," he said. "Not in China, not in Mexico, not in Canada, because we're the best place, the best consumer market in the world."
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Sandy Fitzgerald ✉
Sandy Fitzgerald has more than three decades in journalism and serves as a general assignment writer for Newsmax covering news, media, and politics.
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