Running cost vs what you can charge for the output product is more important than the one time cost of setting it up.
Very simplified:
The demand for domestic steel will go up, production of domestic steel will go up, demand for domestic iron will go up, the cheap stuff is already being mined so more expensive to extract deposits will be used.
I don’t think the tariffs are primarily meant to make it cheaper to manufacture in the US. They are to be used as leverage in negotiations.
Eg Canada wants to trade. They can and probably will trade a lot more with Europe, but Europe have quite a lot of laws and regulations, and it can’t make up for the entire the US market. Negotiating with China is going to be about equally unpleasant as negotiating with MAGA US. Both options also requires shipping over an ocean.
Remains to be seen how angry he has made the populations of the rest of the western world (not know angry he has made you and me)
Running cost vs what you can charge for the output product is more important than the one time cost of setting it up.
Very simplified: The demand for domestic steel will go up, production of domestic steel will go up, demand for domestic iron will go up, the cheap stuff is already being mined so more expensive to extract deposits will be used.
I don’t think the tariffs are primarily meant to make it cheaper to manufacture in the US. They are to be used as leverage in negotiations.
Eg Canada wants to trade. They can and probably will trade a lot more with Europe, but Europe have quite a lot of laws and regulations, and it can’t make up for the entire the US market. Negotiating with China is going to be about equally unpleasant as negotiating with MAGA US. Both options also requires shipping over an ocean.
Remains to be seen how angry he has made the populations of the rest of the western world (not know angry he has made you and me)