Published: Fri, July 14, 2017
Sport | By Gary Shelton

Trump Hints At New Limits On Steel Imports

Trump Hints At New Limits On Steel Imports

President Donald Trump once again vowed action to protect the US steel industry from foreign competition, but almost two weeks after the White House's self-imposed deadline for a decision, the administration is still considering its options.

Restricting steel imports through tariffs or quotas would be controversial, though. "Maybe I'll do both", according to a White House transcript.

Senator Sherrod Brown said that Ross "pretty much committed" to announcing these options next week as part of Commerce's review of whether steel imports are threatening USA national security under a 1962 trade law.

The Commerce Department has been conducting a review of both steel and aluminum imports under a rarely used 1962 statute created to protect industries deemed vital to national security.

White House Deputy Press Secretary Sarah Huckabee Sanders on Wednesday said President Trump has met with United States Trade Representative Robert Lighthizer, National Economic Council Director Gary Cohn, Treasury Secretary Steven Mnuchin and National Trade Council Director Peter Navarro this week as he weighs new steel tariffs.

Trump says, "We're like a dumping ground, OK?" The move is favored by the domestic steel industry, which argues it has been a victim of unfair trade practices by foreign competitors.

But Canada is the biggest, accounting for 17 per cent of all steel imported into the United States a year ago.

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"I believe that they're coming but I'm not happy about it", Strow said.

The steel issue has some USA industries on edge. Trump said. "They're dumping steel and destroying our steel industry, they've been doing it for decades, and I'm stopping it".

Steel is also set to be on the agenda Friday when Trudeau has a bilateral meeting with U.S. Vice President Mike Pence during the annual meeting of the National Governor's Association in Rhode Island.

If the Trump administration finds that steel imports are threatening security, it could impose tariffs, quotas or other restrictions.

Although the administration blames China for most of the glut on the global steel market, allies such as Canada, Mexico and South Korea would likely be hard-hit by any import restrictions.

The U.S. steel industry fight with China and other countries predates Trump. The World Trade Organization later ruled against the tariff and it was lifted. AK Steel shares gained 7.9 per cent, Nucor gained 2.6 per cent and US Steel added 4.0 per cent.

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