Monday, October 16, 2017

Trump might impose tariffs and quotas on foreign steel

By on July 13, 2017

Then Republican presidential candidate Donald J. Trump speaks to supporters at a rally at Ambridge Area Senior High School on Oct. 10, 2016 in Ambridge, Pennsylvania, named so after the American Bridge Co., a steel fabricating plant that employed 60,000 workers. (Jeff Swensen / Getty Images)

WASHINGTON – President Donald Trump is considering putting tariffs and quotas on steel imported from foreign countries.

The president says that China and other unnamed countries are dumping steel in the U.S. market. That hurts U.S. steelmakers by reducing prices, he told reporters. The comments were initially said to be off the record, but the White House decided to make them public Thursday.

Trump says, “We’re like a dumping ground, OK? They’re dumping steel and destroying our steel industry.”

He says he is considering both quotas and tariffs to stop any dumping.

The Commerce Department is reviewing at his request whether to impose a tariff on steel imports for national security reasons.

The U.S. imports 30 percent of the steel it consumes. Only 3 percent of steel imports come from China.

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