President Donald Trump on Thursday launched a trade probe against China and other exporters of cheap steel into the U.S. market, raising the possibility of new tariffs and sending shares of some U.S. steel makers up over 8pc.
Citing concerns about national security, Trump made the announcement at a White House ceremony with U.S. steel executives from Nucor Corp, United States Steel Corp and TimkenSteel Corp alongside Commerce Secretary Wilbur Ross, a billionaire businessman who made part of his fortune investing in the steel business.
“Steel is critical to both our economy and our military,” said Trump, a Republican. “This is not an area where we can afford to become dependent on foreign countries.”
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