Trump vows to put an end to steel dumping

Pauline Gross
July 17, 2017

Prime Minister Justin Trudeau on Friday said U.S. President Donald Trump told him that he did not expect to subject Canadian steel and aluminum to face tariffs on national security grounds.

Trudeau's remarks come a day after Trump told reporters he was considering ways to address what he calls unacceptable dumping of foreign steel into the US market, adding they could come in the form of quotas and tarrifs. "It'll stop", he told reporters on Air Force One on July 12, the transcript shows.

"There are two ways: quotas and tariffs. Maybe I'll do both".

Steel stocks rallied on the news, recovering some of the year-to-date declines in the sector.

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On Thursday, the VanEck Vectors steel exchange-traded fund rose 0.6 percent after being down 1 percent before Trump's remarks. Shares of AK Steel Holding Corp. jumped 7.1%, while U.S. Steel Corp. and Nucor Corp. saw gains of 3.8% and 2.7%, respectively.

Bourbon exports to the European Union make up about $130 million; much lower than the estimated $1.5 billion from German steel exports to the U.S. But what makes this worse is that a tax on bourbon would hit the U.S.in a very specific location: 95 percent of bourbon is made in Kentucky...the home state of Senate majority leader Mitch McConnell.

Trump also said he would invite Russian President Vladimir Putin to the White House.

Other reports by GizPress

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