Published: Wed, February 14, 2018
World | By Paul Elliott

Mr Trump firm on tariffs on steel imports into US

Mr Trump firm on tariffs on steel imports into US

Reporters were present for part of the meeting. Most Democrats voiced support for the president's action on metals, and Republicans, with the exception of Senator Rob Portman of OH, urged caution.

The president instructed the Commerce Department previous year to probe whether imports of steel and aluminum represent a threat to US national security, under the seldom-used Section 232 of the Trade Expansion Act of 1962. "It is in accordance with worldwide law", said Li Guanghui, vice-president of the Chinese Academy of global Trade and Economic Cooperation in Beijing.

But Trump also said he "wants to hear from both sides before making a trade decision".

The President says China's steel and aluminum imports are killing U.S. companies and taking American jobs.

President Trump says he wants to bring back the American steel industry, saying, "Empty steel factories. you look at them and see what happened to US Steel and these other companies".

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.

In January, the Commerce Department gave the President the results of its investigation into steel and aluminum imports.

That was a sliver of the US$14 billion in USA soybean imports, which a Chinese commerce ministry spokesman last week hinted could also be in Beijing's crosshairs.

But Commerce Secretary Wilbur Ross told the lawmakers that Section 232 powers "can be applied in a much more surgical way" that could lead to tariffs on imports from certain countries and quotas from other nations suspected of transshipping products. File photo: White house.

At the same time, some Democrats from states Trump carried - and the more populist voters who propelled him into office - are pushing for actions that resemble the president's trade threats.

US President Donald Trump has said he will no longer allow the US to be the world's "piggy bank", as he discussed the possibility of introducing tariffs and quotas for steel and aluminium imports. Some cases are still pending and sometimes the independent U.S. International Trade Commission thwarts a case. They urged steps to protect USA producers of oil drilling and transport pipe and noted AK Steel is the last American producer of electrical steel for electric transformers. "We want to help DACA - you don't", Mr. Trump told Brown.

"We need to be careful here that we don't start a reciprocal battle on tariffs", Sen. He's considering taking action against the country, after a Commerce Department investigation earlier this year.

"Although every World Trade Organization member has the right to launch trade remedy investigations, frequent and excessive protection of domestic industries will not fulfill the intention of trade remedy actions, but will rather create a vicious circle", Wang said in a statement published on the Ministry of Commerce's website.

A Chinese government think-tank warned earlier that "unreasonable" USA trade actions on steel will be met with "countermeasures" under World Trade Organization rules.

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