CTH: Last year President Donald Trump requested a national security Section 232 trade-investigation, to conducted by the U.S. Department of Commerce and Secretary Wilbur Ross, specifically focusing on U.S. steel and aluminum manufacturing.
The discussion continued last week as President Trump met with a group of republican and democrat members of congress to talk about trade policy and focus attention on the lack of American steel and aluminum production. [The responses from the republican participants was very enlightening and disappointing.]
On Friday Commerce Secretary completed the industrial review and provided President Trump with trade recommendations to consider given the nature of the national security compromise. See Outline Here.
Recommendations of the Steel Report: Secretary Ross has recommended to the President that he consider the following alternative remedies to address the problem of steel imports:
- A global tariff of at least 24% on all steel imports from all countries, or
- A tariff of at least 53% on all steel imports from 12 countries (Brazil, China, Costa Rica, Egypt, India, Malaysia, Republic of Korea, Russia, South Africa, Thailand, Turkey and Vietnam) with a quota by product on steel imports from all other countries equal to 100% of their 2017 exports to the United States, or
- A quota on all steel products from all countries equal to 63% of each country’s 2017 exports to the United States. MORE