Had breakfast this morning with a staunch Republican and reasonably heavy campaign contributor. I've never asked but I'd be shocked if he's ever given to a Democrat. I asked about a piece of heavy equipment he was is thinking of purchasing.

He volunteered that the tariffs on steel will quite probably cripple Caterpillar, as they use imported specialty steels and the domestic steel with be more expensive.

He added that some niche steel producers will make a fortune, and Bethlehem will just be able to struggle along for another 1 1/2 or 2 years as they have been for the last 20.

He said that domestic car producers were put at even more of a disadvantage, too.

Agreed that one-way free trade ain't free trade.

I didn't know this, but he said that he sort of admires the Europeans in the manner in which they handle trade wars with the US. He said they are smart enough to target products from politically sensitive states as a way of increasing their leverage, eg Tropicana orange juice from Florida and Harley-Davidson, by name, from Wisconsin.

I thought it was interesting.

Arf