Final Thoughts
Final Thoughts
Written by John Packard
July 12, 2017
What was it – Tuesday that I said I thought the Section 232 results would be much less than what the steel mills thought a few weeks back? Last night on Air Force One President Trump spoke about considering quotas and tariffs on steel imports into the U.S. According to excerpts of his conversation with reporters, Trump said, “There are two ways – quotas and tariffs. Maybe I’ll do both.” He continued with, “Not only China, but others. We’re like a dumping ground [for steel], okay? They’re dumping steel and destroying our steel industry, they’ve been doing it for decades, and I’m stopping it. It’ll stop.”
I read an article late today from World Trade Online, which was reporting how the domestic steel mills think the G20 steel committee is essentially “kicking the can down the road.” Philip Bell, president of the Steel Manufacturers Association (and another of our speakers at this year’s SMU Steel Summit Conference) told World Trade Online, “At the end of the day, the Global Forum produces a document with recommendations — we need action that has teeth in it.”
The steel mills and the steel lobby are pushing hard for the results of Section 232 to be announced soon (now) and to hit hard at the heaviest exporters of steel into the United States.
Wilbur Ross advised the Senate Finance Committee that he is in the process of finalizing the DOC recommendations to the President. The report should be out sometime next week. One should never wish for black swan events, but all bets are off until we see the recommendations and how President Trump (and the rest of the world) responds.
Steel stocks moved higher today…
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John Packard
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