Steel Companies Applaud Trump's Trade Practices Investigation
Resource from: Benzinga Likes:246
Apr 21,2017
Steel stocks surged higher than 8 percent Thursday after President Donald Trump launched an investigation into whether foreign steel imports hurt national security.
Trump And Commerce
Citing global concern distinct from any particular national agent, Trump ordered the U.S. Commerce Department to prioritize the inquiry. The president signed the memorandum under the Trade Expansion Act of 1962, which empowers him to restrict imports on national security concerns.
The leading question is the correlation between unfair trade practices and compromised security measures, particularly the extent to which the former undermines the latter.
Seeing Movement In Steel
"AK Steel particularly feels the ongoing impact of unfair electrical steel imports flooding our market," AK Steel Holding Corporation
AKS 8.6%
CEO Roger Newport said in a press release. "We cannot allow our nation's electrical grid, which is a critical part of the nation's infrastructure and vital to America's national security interests, to be dependent on foreign electrical steel, particularly in the event of a natural disaster or other crisis.”
Newport added that the president’s actions will bolster the competitiveness of American steel makers and preserve domestic jobs.
"For too long, China and other nations have been conducting economic warfare against the American steel industry by subsidizing their steel industries, distorting global markets, and dumping excess steel into the United States," United States Steel Corporation
X 7.35%
wrote in a press release. "The effects have been staggering. Tens of thousands of workers in the American steel industry, the industry's supply chain and the communities in which our industry operates have lost their jobs due to unfair and illegal practices by foreign producers. We have offered the Commerce Department our full cooperation during its investigation."
Analyst Commentary
Benzinga reached out to Axiom's Gordon Johnson on the sitatuion. Johnson elaborated:
Unlike President George W. Bush's section 201 tariff that went into effect immediately (where he was targeting West Virginia voters), a section 232 provides the commerce department 270 days of time to review the key accusations involved in the case. However, while we thought President Trump needed Congressional approval for a section 201, 232, etc., it seems he doesn't.
There is more uncertainty now. Will the Commerce department find fault after 270 days? Or, will, similar to the last two times such cases were filed – in 1999 on crude oil imports and in 2001 on iron and steel imports – the Commerce decide NOT to act?
The market is betting they will act. Hard to tell.
(Benzinga)
【CBCC News Statement】
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.
Previous Gates talks surpassing 500 OEM partners, belt drives for the masses and trade opportunity as urban cycling grows
Next Lincoln Lubrication and SKF showcase agricultural solutions at Nampo 2017
Next Lincoln Lubrication and SKF showcase agricultural solutions at Nampo 2017
BRIEF INTRODUCTION
Cnbearing is the No.1 bearing inquiry system and information service in China, dedicated to helping all bearing users and sellers throughout the world.
Cnbearing is supported by China National Bearing Industry Association, whose operation online is charged by China Bearing Unisun Tech. Co., Ltd.
China Bearing Unisun Tech. Co., Ltd owns all the rights. Since 2000, over 3,000 companies have been registered and enjoyed the company' s complete skillful service, which ranking many aspects in bearing industry at home and abroad with the most authority practical devices in China.
