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20 April 2017, 05:53 | Kelvin Horton
U.S. President Donald Trump in Washington U.S
Thursday afternoon Trump is expected to sign a directive asking for a speedy probe into whether imports of foreign-made steel are hurting US national security, two administration officials said on Wednesday.
WASHINGTON-President Donald Trump is ramping up his tougher "America First" trade policy with plans to revive a decades-old, rarely used law to explore imposing new barriers on steel imports, the White House said on Wednesday night.
United States Steel Corp. was up around 5 percent, as investors doubled down on Trump's "Made in USA" promise.
The statement didn't elaborate on the specific nature of the investigation, but people familiar with the matter said it would focus on steel imports, and that representatives of the steel industry would attend the ceremony. The memo will fall under the Trade Expansion Act of 1962, a section of which permits a U.S. president to restrict trade if he determines it is harmful to USA security.
China's ability to produce excess steel is seen as a long-term threat to the USA steel industry, the report added.
The proposed order would direct Ross to launch an investigation under a provision of US trade law that requires the Commerce secretary to report to the president within 270 days whether a certain product is being imported in sufficient quantities or under such circumstances that it threatens to impair national security. Major foreign suppliers include Canada, Brazil, South Korea, Mexico, Japan and Germany.
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