Trump says he is considering quotas, tariffs on Chinese steel dumping

Donald Trump Jr. left with Sean Hannity on Tuesday

Donald Trump Jr. left with Sean Hannity on Tuesday

US President Donald Trump said he is considering quotas and tariffs to deal with the "big problem" of steel dumping from China and others.

Shares of AK Steel, Nucor, Steel Dynamics and U.S. Steel all shot up after trade comments President Trump made on Air Force One were made public Thursday afternoon. "And I suspect that's what they're doing with the bourbon industry". They said tariffs would raises costs for manufacturers, reduce employment in manufacturing and increase prices for consumers.

"The diplomatic costs might be worth it if the tariffs generated economic benefits", the economists wrote in a letter to Trump. They're dumping steel. Not only China, but others. Bush lifted the tariffs a year after enacting them after strong backlash from countries such as Canada, Mexico, Argentina, Thailand and Turkey.

Trump ordered Commerce earlier this year to probe steel imports under the seldom-used Section 232 of the Trade Expansion Act of 1962, which allows the president to impose trade measures if the government finds evidence of a national-security threat from foreign shipments.

While Trump and members of his cabinet have accused China of dumping cheap steel on global markets, tariffs may not do much to reduce excess supply, since the US imports a relatively small amount of its steel from Chinese producers. The comments were initially said to be off the record, but the White House decided to make them public Thursday.

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.

Most trade experts already expected Trump to use tariffs or quotas on steel.

Strow said there are far more people in the region employed in the automobile industry than in steel.

Roberts said the White House has to address steel dumping, "but you hopefully can do it in a way that's not going to endanger retaliation from the very countries that we're now hoping to export more. on the agriculture side".

American steel companies say China is now sending its steel through Vietnam before it arrives in the U.S.to evade tariffs.

Commerce Secretary Wilbur Ross is scheduled to brief members of the Senate Finance committee on the steel investigation on Thursday in Washington.

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