U.S. Moves Towards Imposing Steel Tariffs

“The U.S. has set the stage for a global showdown over steel, launching a national security investigation that could lead to sweeping tariffs on steel imports in what would be the first significant act of economic protectionism by President Trump,” the Financial Times reports.

“The decision to use a 1962 law allowing the US government to limit imports that threaten its security readiness is intended to deliver on Mr Trump’s campaign promises to bolster heavy industry and ‘put new American steel into the spine of this country’… But it risks setting off trade tensions with China just days after Mr Trump avoided another conflict by backing down on a promise to label Beijing a currency manipulator, citing in part its help in dealing with North Korea.”

New York Times: “From Mr. Trump’s ‘buy American, hire American’ rallying cry in Wisconsin this week to Vice President Mike Pence’s warnings to Japan and South Korea about the need to rewrite trade deals, the Trump administration is moving against free trade on multiple fronts.”