Trump orders probe into if steel imports hurting U.S.

Trump orders probe into if steel imports hurting U.S.

Today, the President signed a Presidential Memorandum prioritizing an investigation initiated by the Secretary of Commerce into whether steel imports threaten to impair the national security. Under this provision, the commission could block carbon and alloy steel produced in China from entering the U.S.

"From now on, we're going to stand up for American jobs, workers, their security and for American steel companies", he said, signing a memo formalizing the investigation alongside USA steelmakers. "This is not an area where we can afford to become dependent on foreign countries", Trump said.

Commerce and White House officials made a decision to look into a possible action after growing concerns about China's actions to influence the steel market.

Despite China's pledge to reduce the country's annual steel capacity by as much as 150 million tons before 2020, the country remains the world's largest steel producer and accounts for nearly half of the globe's total steel production. Trump's directive will ask Ross to conduct it "with all deliberate speed and deliver the results to the president with his recommendations", a second official said.

He said in a press conference that steel imports "have continued to rise, and they've continued to rise despite repeated Chinese claims that they were going to reduce their steel capacity when instead they have actually been increasing it consistently".

Ross said the U.S. had placed more than 150 antidumping and duty orders on steel products, but they had "not substantially alleviated the negative effects that unfairly traded imports have had on the United States steel industry".

The president made bold and often inflammatory promises about trade policy on the campaign trail, pledging to renegotiate the North American Free Trade Agreement and impose tariffs of 45 percent on imports from China and 35 percent on USA companies that moved manufacturing facilities to Mexico. Nucor's shares were up 3.4% in midday trading, while shares for U.S. Steel and AK Steel Holding Corp. were up more than 7%. "You need competitive steel prices for those industries to be competitive and to export".

The commerce secretary, speaking to CNBC after a White House meeting with steel industry executives, called China, Japan and the European Union far more "protectionist" on these policies than the U.S. "So we're groping here to see whether the facts warrant a more comprehensive solution that would deal with a very wide range of steel products and a very wide range of steel products".

The Defense Department's annual steel requirements comprise less than 0.3 percent of the industry's output by weight.

Now Ross, who as an investor played a role in Cleveland steelmaking when he restructured LTV Steel and later sold its assets to ArcelorMittal, said he will determine whether there is a defense case to be made. "It may take an extraordinary measure, like Section 232, to make some progress and to prod China along as well", Paul said.

"Talking about it as a national security issue - I don't think it's necessary and I don't think it's justified", he said.

Since then the US has launched only two such investigations, and in each the Commerce Department's Bureau of Industry and Security declined to recommend action.

Use of Section 232 could send another political message.

Related Articles

  • Britain to head to the polls on 8 June

    Liberal Democrat leader Tim Farron, meanwhile, accused the prime minister of looking after the interests of "party before country".
    May and Corbyn trade blows before vote to confirm June 8 poll

    May and Corbyn trade blows before vote to confirm June 8 poll

    The Tories are trying to make it a choice between the Labour leader and Theresa May as who would make the best Prime Minister . Answering questions, Mr Corbyn said Labour's manifesto would be "fully costed and will be all accounted for and paid for".
    Ouster of al-Assad US priority: Ambassador

    Ouster of al-Assad US priority: Ambassador

    Russian Federation had its own military personnel at the Syrian military airport that the US struck with cruise missiles. On Friday, senior USA military officials were looking more closely at possible Russian involvement in the poison attack.
  • American Express (AXP) Q1 Earnings Beat, 2017 View Intact

    American Express (AXP) Q1 Earnings Beat, 2017 View Intact

    Equities research analysts predict that American Express Company will post $5.66 earnings per share for the current fiscal year. First-quarter merged total revenues net of interest expense were $7.9 billion, down 2 percent from $8.1 billion a year ago.
    Senators beat Bruins 1-0, take 3-1 lead in series

    Senators beat Bruins 1-0, take 3-1 lead in series

    ET in Ottawa, are one win away from moving on to the second round against either the Montreal Canadiens or the New York Rangers. But when Marchand had his best chances to bury the puck like he did in Game 1, Anderson was there to stop him.
    Juncker to visit Britain's May next week

    Juncker to visit Britain's May next week

    European Union leaders will meet in Brussels on April 29 to formally approve guidelines for the negotiations. The revised text, according to the FT, notes the EU's willingness to discuss "an agreement on trade".
  • India to Trump: America still needs our tech workers

    India to Trump: America still needs our tech workers

    President Donald Trump signed an order Tuesday to tighten rules on technology companies that hire highly skilled foreign workers. His businesses also have hired foreign workers, including at his Palm Beach, Fla., club.
    Bills' Kouandjio yelled

    Bills' Kouandjio yelled "Shoot me!" to police, taken to ECMC

    It's unclear what Kouandjio was doing or how he got into the field, located about a 5-minute drive from Bills headquarters. Zylka said the player's auto was discovered abandoned on a nearby highway by New York State troopers later in the day.
    Documentary delves into life of music pioneer Clive Davis

    Documentary delves into life of music pioneer Clive Davis

    The screening will be followed by performances featuring Aretha Franklin, Jennifer Hudson and Earth, Wind & Fire. The 123-minute Chris Perkel-directed doc takes viewers on a musical journey through Davis' career.
  • Ossoff Only Earned 1.3 Percent More Than Clinton In Georgia's 6th

    The election is being held to fill the seat previously held by Tom Price, who is now the secretary of health and human services. But the president himself is clearly up for the fight, tweeting overnight about a "big R win" and saying "glad to be of help".
    Hear Big Boi & Adam Levine's Unlikely Collaboration

    Hear Big Boi & Adam Levine's Unlikely Collaboration "Mic Jack" Now!

    The Levine-featured track is called " Mic Jack " and is slated for a premiere on Zane Lowe's Beats 1 show tomorrow at 12.30pm ET. In 2015, he teamed with Phantogram for their joint LP, Big Grams , but that was very much a collaborative project in its sound.

    Aaron Hernandez Found Dead in Prison

    On April, 2017 he was found dead by the correctional officers in the Souza-Baranowski central cell. In order to stop officials from entering, he attempted to jam the door with an array of items.