Trump Orders Probe Into Whether Steel Imports Harming US

Trump NATO President Donald Trump is expected to order an investigation into steel dumping Thursday according to an official at the Department of Commerce which will run the investigation

Trump NATO President Donald Trump is expected to order an investigation into steel dumping Thursday according to an official at the Department of Commerce which will run the investigation

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.

Ross argued that China is not acting in good faith to cut back on exports.

"If the U.S. severely punished the Chinese steel industry, which is absolutely warranted on economic grounds for China dumping overcapacity on the world market for 15 years, how are they going to affect the demand for Australian iron ore?"

In an unusual move, U.S. Steel filed its complaint under a statute covering unfair trade practices, which most often is used to protect domestic companies from patent infringement and theft of intellectual property.

Ross said the USA 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".

News of the move triggered a rally for steel stocks, including Steel Dynamics Inc, AK Steel, U.S. Steel, Nucor, Cliffs Natural Resources, and Allegheny Technologies.

During the signing, Trump was asked how the policy would affect US dealings with China on North Korea, to which he responded: "This has nothing to do with China".

"If President Trump is serious about strengthening Buy American and delivering on his pledges to create more American manufacturing jobs, he could immediately withdraw with 60 days written notice from World Trade Organization procurement rules with no penalty and invoke his executive authority to reverse all 59 trade pact Buy American waivers", said Lori Wallach, president of Public Citizen's Global Trade Watch.

Whether or not tariffs or other protectionist measures will actually boost any of these industries remains to be seen.

"The hundreds of thousands of workers and communities in America who depend upon the steel industry deserve real enforcement of our laws to hold bad actors accountable", she said.

A 1962 trade law that gives the president authority to restrict imports and impose tariffs if they are determined to harming US security interests outlines 270 days for such investigations. "The dumping problem is a worldwide problem", Trump said.

"This is not an area where we can afford to become dependent on foreign countries", Mr Trump said.

At an Oval Office ceremony, surrounded by USA steel executives, Trump signed an executive order calling for the commerce department to assess affects of steel imports on U.S. defense at a time when he has ordered a military build-up.

China is responsible for about 45 per cent of global steel production, followed by Japan and India, two other commodity export markets for Australia.

At the signing, Trump said: "Steel is critical to both our economy and our military".

"But the Department of Defense only consumes a small portion of domestic steel output, and this has decreased over the past decade as composites technology has advanced", Bialos said. Trump won many votes in industrial Midwestern states like MI and Pennsylvania with a pledge to boost manufacturing and crack down on Chinese trade practices. "The effects have been staggering", a U.S. Steel statement said.

Ross said under the statute, the investigation needs to be completed within 270 days. The 30-member Congressional Steel Caucus sent a letter saying "we assure you we will be carefully watching the progress of this case", while a bipartisan letter from 47 members of Congress said they "strongly urge" the commission "to ensure that U.S. Steel is permitted to present its case in full".

Recommended News

  • Cleveland Cavaliers beaten by Miami without LeBron James and Kyrie Irving

    Cleveland Cavaliers beaten by Miami without LeBron James and Kyrie Irving

    He was signed March 13 and the Cavs held a team option for next season, but they relinquished that right by waiving him. But George has not only bounced back, the star forward said he's been aiming for a shot at the champions.
    Guardiola realised Man City's biggest problem after winning 5-0!

    Guardiola realised Man City's biggest problem after winning 5-0!

    I liked the way they played when we were there and now they have players with a lot of talent in the way they want to play. That's why I like a little bit and enjoy this year but we have a lot of lovely things left to fight for this season.

    Stock Overselling in Action: Sunshine Heart Inc (NASDAQ:SSH)

    Sunshine Heart Inc. ( SSH ) has a mean recommendation of 1, according to data compiled by Zacks Investment Research . The stock now shows its YTD (Year to Date) performance of 160 percent while its Weekly performance value is -47.88%.
  • 18 arrested for parading couple naked in Rajasthan

    18 arrested for parading couple naked in Rajasthan

    A video of the act was filmed by a local and later circulated on social media. Police say they learnt of this incident only after the video went viral.
    Emirates cuts flights to U.S.  as demand weakens

    Emirates cuts flights to U.S. as demand weakens

    Munoz's early statements described the passenger as being re-accommodated and suggested he had been "disruptive and belligerent". Peter Breen, R-Lombard, has filed legislation intending to prevent similar incidents from happening in the future.
    Cyrus Kouandjio Reportedly Under Observation After Saying 'Shoot Me' to Police

    Cyrus Kouandjio Reportedly Under Observation After Saying 'Shoot Me' to Police

    It's unclear what Kouandjio was doing or how he got into the field, located about a 5-minute drive from Bills headquarters. The statement continues, "We dont' have all the details, so we won't have any further comment at this time".
  • Labour leader says United Kingdom election 'establishment vs people'

    Mr Jones said he could see the Labour leader walking into 10 Downing Street, adding that Mr Corbyn had to "prove himself". Labour can't champion the will of the people because it's scared of it.
    Sonu insulted Constitution; should leave India: Cleric

    Sonu insulted Constitution; should leave India: Cleric

    The bounty was widely criticised and ridiculed, especially after Nigam got his head shaved and challenged Quaderi to pay up. He stopped speaking as soon as azaan was heard from a nearby mosque and waited till it got over.
    Russian navy visits Philippines as Duterte tightens ties with U.S. foes

    Russian navy visits Philippines as Duterte tightens ties with U.S. foes

    Varyag arrived with Pechenga , a large sea tanker, Thursday morning at Pier 15 in Manila's South Harbor. Russian guided missile cruiser Varyag makes a port call in Manila on April 20, 2017.
  • Cantor Fitzgerald Reaffirms

    Cantor Fitzgerald Reaffirms "Overweight" Rating for TherapeuticsMD Inc (TXMD)

    TherapeuticsMD, Inc .is an innovative healthcare company focused on developing and commercializing products exclusively for women. Finally, Ladenburg Thalmann Financial Services Inc. boosted its position in TherapeuticsMD by 20.3% in the fourth quarter.
    Tribeca Film Festival open with documentary about legendary record exec Clive Davis

    Tribeca Film Festival open with documentary about legendary record exec Clive Davis

    Davis is the producer behind artists such as Aretha Franklin, Patti Smith , Bruce Springsteen, and Alicia Keys. He was the founder and president of Arista Records from 1975 through 2000 before heading RCA Music Group.

    France's Macron has call with Obama ahead of election

    The two men were both known to police and intelligence services for their religious radicalism, authorities said. The far-left candidate did this once before, in February, but that one holographic showing was just a tune-up.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.