US steel groups cheer as USTR launches sweeping probe into global overcapacity

The office of the US Trade Representative has opened a major Section 301 investigation into structural excess capacity across global manufacturing, with steel and aluminum at the center of the inquiry.

Section 301(b) of the Trade Act of 1974 authorizes investigations into the acts, policies, or practices of a foreign country to determine whether they are unreasonable or discriminatory and burden or restrict US commerce. It allows the US to impose unilateral tariffs or restrictions.