White House Holds Meeting to Discuss Aluminum and Steel Trade Actions

White House Holds Meeting to Discuss Aluminum and Steel Trade Actions

"Now is the time for Presidential action to prevent excess steel capacity and surging steel imports from undermining our national security and the viability of the US steel industry", the companies stated.

Already, there are reports that the European Union - one of the biggest exporters of steel to the USA - could retaliate with a tariff on U.S. agricultural goods.

Ross said that the decline in production capacity is "weakening our internal economy and may impair our national security", in the report.

Several senators urged caution, however, including Senator Roy Blunt, who said, "we do need to be careful here that we don't start a reciprocal battle on tariffs" because the United States not only makes aluminum and steel but also must buy and import these products to satisfy domestic demand.

The department suggests a variety of ways the United States could act to restrict imports.

The 12 countries are Brazil, China, Costa Rica, Egypt, India, Malaysia, South Korea, Russia, South Africa, Thailand, Turkey and Vietnam.

The U.S. aluminum industry helps manufacturers produce sustainable and innovative products, including more fuel-efficient vehicles, recyclable packaging, greener buildings and modern electronics.

Ross criticized China, the world's largest producer of steel, for overproduction.

Ross was asked whether the 232 remedies could pose a risk to downstream workers, such as those in the automotive industry, if those plants moved out of the U.S. in reaction to the possible restrictions on aluminum and steel.

Century Aluminum shares jumped 8.1 percent, while Alcoa was up 0.9 percent.

The recommendations followed investigations into the impact on national security from imports of steel mill products and wrought and unwrought aluminum, the department said in a statement.

The investigations were authorised in April a year ago under a 1962 trade law that has not been invoked since 2001. "It'll make a decision, and I will make a decision that reflects the best interests of the United States, including the need to address overproduction in China and other countries". He told those attending that quotas and tariffs are options on the table.

"Part of the options would be tariffs coming in".

"Heavy steel tariffs will weaken the United States both economically and strategically", he said. "Adopting any of these recommendations would create uncertainty of supply for all users, limit growth, and put aluminum products like cansheet at risk".

President Trump and several Cabinet members hosted a meeting with congressional Republicans and Democrats on February 13, 2018 at the White House to discuss possible trade remedies in the Section 232 steel and aluminum investigations.

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