Analysis
July 12, 2017
Final Thoughts
Written by John Packard
What was it – Tuesday that I said I thought the Section 232 results would be much less than what the steel mills thought a few weeks back? Last night on Air Force One President Trump spoke about considering quotas and tariffs on steel imports into the U.S. According to excerpts of his conversation with reporters, Trump said, “There are two ways – quotas and tariffs. Maybe I’ll do both.” He continued with, “Not only China, but others. We’re like a dumping ground [for steel], okay? They’re dumping steel and destroying our steel industry, they’ve been doing it for decades, and I’m stopping it. It’ll stop.”
I read an article late today from World Trade Online, which was reporting how the domestic steel mills think the G20 steel committee is essentially “kicking the can down the road.” Philip Bell, president of the Steel Manufacturers Association (and another of our speakers at this year’s SMU Steel Summit Conference) told World Trade Online, “At the end of the day, the Global Forum produces a document with recommendations — we need action that has teeth in it.”
