Trump eyes tariffs, quotas on United States steel, aluminum imports

Lucy Bush
February 16, 2018

Charging that America's steel and aluminum industries were being "decimated" by dumping, Trump said as he hosted lawmakers for a meeting on trade that he was mulling sanctions against China, and was "considering all options" including tariffs.

X Several lawmakers warned that higher steel prices could be a negative for the economy, and others warned of reciprocal tariffs from trade partners, and Trump may take such concerns into account. Trump is mulling whether to takes steps to limit steel and aluminium imports seen as damaging to US businesses.

Shares of U.S. Steel (X) rose 3.6%, AK Steel (AKS) 4.4%, Steel Dynamics (STLD) 2.1%, and Nucor (NUE) 1% on the stock market today. Though the White House has quieted criticisms of China's domestic human rights record, Trump's talk of trade action, as well as recently released national security and defense policy documents reflect a broader trend in Washington policy circles towards greater confrontation with China.

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Trump's comments - his strongest signal in months that he will take at least some action to restrict imports of the two metals - came in a meeting with a bipartisan group of US senators and representatives at the White House.

The China Metallurgical Industry Planning and Research Institute said it was responding to recent efforts by USA steel firms urging President Trump to curb surging imports that they say are undermining the US industry.

Mr Trump has received warnings that action against China could drive up prices and hurt U.S. manufacturing outside the steel and aluminum sectors. The prospect of Trump turning tough trade rhetoric into action increased last month after he slapped tariffs on solar panels and washing machines, in his first major punitive trade action since taking office.

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Republican Senator Pat Toomey of Pennsylvania, highlighting the importance of steel to the defence industry, urged Mr Trump to "go very, very cautiously here".

The US is also tightening oversight over Chinese investment, and will soon release the results of a probe on intellectual property theft. "It is in accordance with global law", said Li Guanghui, vice-president of the Chinese Academy of worldwide Trade and Economic Cooperation in Beijing.

But Brown says the U.S. must take immediate action to enforce existing trade laws. "And you'll be hearing about that during the week and during the coming months".

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"I think we should have a reciprocal tax". During the meeting, Trump. "And then I call that fair trade".

Other reports by Info About Network

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