The Obama Administration continues its misguided focus on poorly negotiated trade deals, like the Trans-Pacific Partnership (TPP), while ignoring market distorting factors that are harming U.S. economic growth.
Magnetization, an iron ore producer in Minnesota, announced that it will layoff workers. Cliffs Natural Resources, another Minnesota iron ore producer, will shut down a plant. Alcoa is idling or closing two plants in Washington and New York states due to a recent thirty percent price drop for aluminum. The steel industry in the U.S. is operating at a fraction of its full capacity. However, Alcoa’s production in China and elsewhere will continue.
Source: More U.S. Plants Closing Thanks to Washington’s Trade Negotiators | From the Trenches World Report