US President Donald Trump, under the pretext of the national security significance of the US steel industry, is about to demand from the leaders of the twenty to reduce the activity of overcapacity and other distortions in the global steel market, White House economic adviser Gary Cohn said on Thursday.
The Trump administration expects to delay the release of the hotly anticipated study until Trump speaks with G20 leaders at a summit in Germany next week, another official said Thursday, demanding anonymity. The review of the so-called "Section 232" will be a hot topic at the meeting in Hamburg.
The report could lead to sweeping new US quotas or tariffs on imported steel, and the Secretary of Commerce
Wilbur Ross previously said that he hopes to disclose his findings by the end of June. The study uses the Cold War trade law, which allows the president to restrict imports of goods deemed critical to national defense.
But American steel-consuming companies have lobbied the Trump administration “vigorously” against large new tariffs on foreign steel that would raise the prices of key raw materials.
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