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Trump postponed the introduction of steel trade decisions
Aug 14, 2017

Trump postponed the introduction of steel trade decisions

More than three months since the launch of the steel survey, Mr Trump has finally admitted that he will not come up with a decision on steel trade until he has finished his other priorities.

In an interview with the Wall Street Journal on Tuesday, Trump said it would take time to decide whether to levy a tax on US imports of steel. "We don't want to do that right now."." He hinted that he might have to wait until other priorities on his agenda were resolved before he could come up with a final decision on steel trade policy. He said it would have to wait until after Medicare, the tax reform, and perhaps even all the work, including infrastructure, were completed.

However, during the interview, Trump also insisted on the steel trade dumping promises of prompt action. He said "very soon" action, but changed to "quite quickly". He hinted that extensive investigation and related regulations of various decision-making hindered the decision-making process. Trump said that the dumping of steel is still a topic, and will solve the problem in a very fair situation.

The Wall Street journal pointed out that the Trump administration's steel trade decision had stalled because of opposition from American trading partners, domestic steel users and some of his own aides.

This is Trump's latest issue of steel trade sound. After more than three months in the US, the steel survey still failed to draw conclusions, and Trump acknowledged for the first time the decision to postpone the decision.

Wall Street informative article mentioned last Wednesday, Trump said that the Levy of tariffs on imported iron and steel "may occur."". At that time coincided with the first round of China US comprehensive economic dialogue. Ross, the US Commerce Secretary who led the talks on the same day, said the need to sell more "made in America" goods to China was to rebalance the trade between China and the United states.

Ross said on the same day tough, in recent years, the United States exports to China growth, but the United States imports from China grew faster, resulting in a $309 billion trade deficit. This is not the result of free market forces, so it is time to rebalance the trade and investment relationship with China in a fair and balanced manner".

Last Wednesday, Trump and Ross said the same day, the United States three major stock index Qi Xin high, up 1.4% of the energy sector led the S & P 500, the material sector rose 1.09%. U.S. stocks, steel stocks also performed well, AK Steel closed up 3.61%, Steel Dynamics closed up 2.71%.

Trump's position on trade protectionism remains tough during the Sino US economic dialogue

Three months ago, Trump ordered the US Department of Commerce to conduct a thorough investigation of imported steel in accordance with Clause 232nd of the trade expansion act of 1962, which was enacted in the cold war era.

The terms of trade protection this "is renowned far and wide" empowerment of the U.S. Department of Commerce survey import impact on national security, the president of the United States have the right at the end of the survey decided to levy import tariffs or quotas on imports of iron and steel.

So far, the Ministry of Commerce has not released the findings. But last month, the media had more than once reported the Trump administration's tax on steel imports.

U.S. media Axios late last month news said, Trump and some of its senior adviser intends to import steel products tariffs, the tax rate may reach 20%. The tax range could be extended to imports of aluminum, paper, semiconductors, and washing machines.

According to Xinhua news agency reports, both sides believe that the most important outcome of last week's economic dialogue between China and the United States was the correct orientation of economic cooperation between the two countries. With the joint efforts of both sides, the Sino US economic cooperation plan has made great progress and injected new impetus into bilateral economic and trade cooperation. The two sides also agreed to build constructive cooperation to reduce the trade deficit.

And then the Wall Street informative mentioned, there are some details worth noting that this round of dialogue is not in accordance with the Convention issued a joint statement, the press conference of Sino American are canceled, the United States still feel strongly about the trade deficit.








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