 President Trump announced new tariffs on steel and aluminum. We'll be imposing tariffs on steel imports and tariffs on aluminum imports. Tariffs are part of the president's plan to eliminate the U.S. trade deficit. We have almost an $800 billion a year trade deficit with other nations, unacceptable. But most economists agree that trade deficits are a good thing. If we're in a position of having large trade deficit, that means we're growing and that we're growing faster than the rest of the world. The president says this is part of an ongoing trade war with China. Trump tweeted on Friday, trade wars are good and easy to win. But no one wins a trade war. Even steel workers lose. Employment with the Bush steel tariffs did not go up. I just want to say it did not go up. It will damage the economy to some extent. There's 154 million Americans who work. That's the bigger number. They are going to be affected by steel price hikes. President Trump calls this move smart trade. But tariffs only help U.S. producers avoid competition. Meanwhile, the rest of us pay higher prices for everything. Politicians have experimented with tariffs before. Herbert Hoover enacted tariffs on agricultural goods in 1930. And many economists believe those tariffs helped cause the Great Depression. Tariffs are short-sighted and economically destructive. Making goods from other countries more expensive for consumers is a gift to powerful lobbyists that everyone else's expense. True smart trade is letting Americans get what they need without artificially raising prices.