President Trump’s Tariffs Will Help Bring Back US Steel Industry

President Trump’s Tariffs Will Help Bring Back US Steel Industry

President Trump’s Tariffs Will Help Bring Back US Steel Industry


US Secretary of Commerce Wilbur Ross defended The Trump Administration’s decision to place tariffs on imported steel and aluminum by saying the plan aims to bring back America’s steel industry.

Ross penned an opinion piece for Friday’s WS-J and argued that steel production in the United States has plummeted over the last 20 years to the point where something needs to be done.

“Since 1998, countless steel mills and aluminum smelters have closed. More than 75,000 steel jobs alone have disappeared,” Secretary Ross wrote.

“Today, the US has only one steel mill that can produce the advanced alloys used in armored-vehicle plating; one aluminum smelter that makes the high-grade aluminum needed for defense aerospace applications; and one steel mill that makes the materials needed for infrastructure like electrical transformers.

The tariffs, which President Donald Trump signed into action Thursday via an executive order, place a 25% tax on imported steel and a 10% tax on imported aluminum. Canada and Mexico are exempt from the tariffs.

Secretary Ross, who founded and sold a steel company in the early 2000’s, said national security is at stake because China supplies a chunk of the steel that finds its way to the US.

President Trump and members of his administration claim China ships steel through other countries, a practice known as transshipping.

“Unfair trading practices from countries like China have distorted the global steel and aluminum markets. It is time to halt the damage,” Secretary Ross wrote.

“Countries should take responsibility for their unfair practices and work together to address the underlying problems facing these industries. The US is ready and willing to engage in such efforts.”

Have a terrific weekend

The following two tabs change content below.
HEFFX has become one of Asia’s leading financial services companies with interests in Publishing, Private Equity, Capital Markets, Mining, Retail, Transport and Agriculture that span every continent of the world. Our clearing partners have unprecedented experience in Equities, Options, Forex and Commodities brokering, banking, physical metals dealing, floor brokering and trading.