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


U.S. President Donald Trump reacts as he attends a joint news conference with French President Emmanuel Macron at the Elysee Palace in Paris, France, July 13, 2017. Photo by Kevin Lamarque

Ayesha Rascoe July 14, 2017 / 3:18 AM / 3 hours ago

(Reuters) – U.S. President Donald Trump said he is considering quotas and tariffs to deal with the “big problem” of steel dumping from China and others.

“They’re dumping steel and destroying our steel industry, they’ve been doing it for decades, and I’m stopping it. It’ll stop,” he told reporters on Air Force One during a flight from the United States to France.

“There are two ways: quotas and tariffs. Maybe I’ll do both,” he said.

Steel stocks rallied on the news, recovering some of the year-to-date declines in the sector.

The S&P 1500 steel sector index added as much as 3 percent shortly after Trump’s remarks. The index rallied nearly 40 percent in the weeks following the Nov. 8 election, but so far this year it was down 6.6 percent at Wednesday

On Thursday, the VanEck Vectors steel exchange-traded fund rose 0.6 percent after being down 1 percent before Trump’s remarks. AK Steel shares gained 7.9 percent, Nucor gained 2.6 percent and US Steel added 4.0 percent.

Trump’s action on steel is a part of a campaign pledge he made to help revive U.S. manufacturing. The administration’s decision on steel could be unveiled in the coming weeks.

Trump also said he would invite Russian President Vladimir Putin to the White House.

“I don’t think this is the right time, but the answer is yes, I would,” Trump said when asked if he would extend such an invitation to the Russian leader.

Reporting by Ayesha Rascoe; additional reporting by Rodrigo Campos; writing by Jeff Mason; Editing by Jonathan Oatis

Source: Reuters “Trump says he is considering quotas, tariffs on Chinese steel dumping”

Note: This is Reuters’ report I post here for readers’ information. It does not mean that I agree or disagree with the report’ views.

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2 Comments on “Trump says he is considering quotas, tariffs on Chinese steel dumping”

  1. Reader says:

    That’s the trouble with appointing someone full time to look into so-called “unfair” trade practices by China. They have nothing to do but start trade wars with their one-sided punitive actions. Perhaps this guy’s – whose name eludes me at the moment – should focus on the whole world and not just China. He will then find he has a lot of work to do and his hands full with a global trade war on his hands. This is American “exceptionalism” gone sub consciously amuck with potential to go out of control.

    Like

  2. Tyler Reber says:

    I remember China’s own steel industry facing financial problems and large layoffs not long ago. So I kinda figured it was a supply and demand issue, not Chinese dumping.

    Like


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