Steel Products
Update: Section 232 White House Meeting
Written by Sandy Williams
February 13, 2018
Tariffs are an option to stop steel dumping, said President Donald Trump at a bipartisan meeting of legislators this morning.
“I want to keep prices down, but I want to make sure that we have a steel industry,” said Trump, according to a Bloomberg report.
“Part of the options would be tariffs coming in. As they dump steel, they pay tariffs, substantial tariffs, which means the United States would actually make a lot of money,” said Trump.
Fifteen Republicans and four Democrats met with the president, commerce secretary and U.S. trade representative to discuss possible actions on the import of steel and aluminum under Section 232 of the Trade Expansion Act of 1962.
Senator Pat Toomey (R-PA) cautioned against using Section 232: “Invoking national security, when I think it’s really hard to make that case, invites retaliation,” he told Trump.
Senator Mike Lee, a Utah Republican, added that only 3 percent of imported steel is used for national-security purposes. Trump countered that the amount will go up with defense budget increases.
Commerce Secretary Wilbur Ross suggested a “much more surgical way” of applying Section 232 by imposing tariffs on imports from certain countries and quotas on those suspected of transshipment.
Note: Developing news to be updated in this evening’s edition of Steel Market Update
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Products
CRU: Excessive global supply could hit rebar mill investments in US
Following the onset of the war in Ukraine in March 2022, concerns about import availability and expectations of rising demand from President Biden’s Infrastructure Bill pushed US rebar prices to record highs. In response, a flurry of new mills and capacity expansions were announced to meet the rise in demand from growth in the construction […]
Steel buyer spirits tempered by soft spot market conditions
Steel sheet buyers report feeling bogged down by the ongoing stresses of stagnant demand, news fatigue, tariff negotiations or implementation timelines, and persistent macroeconomic uncertainty.
CRU: US stainless prices to rise on expanded S232 tariffs
Stainless prices in the US market will rise, following price increases by major US producers. Our base case scenario incorporates higher US prices in the near term, despite the initial negative reaction by the market. US stainless prices will go up in 2025 H2 and will stay elevated in 2026 as tariffs on stainless […]
Galvanized steel demand unsteady amid lingering buyer fatigue: HARDI
Uneven demand for galvanized steel in June reflects a market that remains mired in uncertainty, according to industry sources.
OCTG industry salutes Customs for catching trade crooks
The US OCTG Manufacturers Association is commending US Customs for intercepting another Thai company's attempt to illegally transship Chinese oil pipe to the US.