The Trump administration says a steel tariff will be announced in the next two weeks to preserve American industries. John Stossel says that won't work.

George Bush tried a similar tariff. Steel production hardly rose at all, and 200,000 jobs were lost in American industries that depend on steel.

Stossel points out that trade also enables amazing things like iPhones. Apple gets raw materials from 63 different countries, and sends the raw materials to 34 different countries for processing. Multiple countries then assemble the products. All that helps make phones affordable, and profitable to produce.

Stossel says: Yes, trade hurts some Americans. But it helps many more of us.