Trump talking tariffs on steel
President Donald Trump told lawmakers Tuesday that tariffs are an option to prevent what he called “dumping” of steel and aluminum imports “by many countries,” including China.
“I want to keep prices down but I want to make sure that we have a steel industry,” Trump said at the beginning of a meeting with members of Congress from both parties.
Trump’s meeting with four Democrats and 15 Republicans led off with discussion of his administration’s investigation of steel and aluminum imports. Commerce Secretary Wilbur Ross submitted his department’s final reports on the metals to Trump in January, and the president has until mid-April to decide on any potential action.
Trump instructed the Commerce Department last year to probe whether imports of steel and aluminum represent a threat to U.S. national security, under the seldom-used Section 232 of the Trade Expansion Act of 1962. The investigations are seen to primarily target China, which the U.S. blames for creating excess capacity and dragging down global prices.
Some Republican lawmakers challenged the idea of enacting tariffs based on a 232 finding.
Sen. Mike Lee, a Utah Republican, added: “You would end up with net job losses,” noting U.S. industrial dependence on steel. He said only 3 percent of imported steel is used for national security purposes.
Trump responded that the number will go up as the U.S. increases defense spending.
Last month, Trump slapped tariffs on solar panels and washing machines, his first major punitive trade action since taking office.
Trump said Monday that he would soon announce a “reciprocal tax” — a tax on imports from other countries at the same rates those countries impose on U.S. products. He doubled down on that Tuesday.
“That’s called fair trade,” Trump said. He added that “we’re like the stupid people” if we continue paying tariffs imposed by other countries while allowing their products to enter the U.S. with lower duties.
Still, he conceded the U.S. may not impose the levy in the end.