United States mulls introducing protectionist measures against aluminum and steel suppliers

The report found that US reliance on foreign-produced steel and aluminum, which is often government subsidized, could compromise national security because those products have crucial military uses. He told those attending that quotas and tariffs are options on the table.

Trump met with a bipartisan group of US senators and representatives at the White House last week, signaling he would take at least some action to restrict imports of the two metals.

David and Tom just revealed what they believe are the 10 best stocks for investors to buy right now. and United States Steel wasn't one of them! Trump take action based on the recommendations he receives, or he may opt not to take any action. "Adopting any of these recommendations would create uncertainty of supply for all users, limit growth, and put aluminum products like cansheet at risk".

Trump said the USA steel and aluminum industries "are being decimated by dumping and from many countries". The country's imports are almost four times the amount of exports, according to the report.

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Ross said excessive steel and aluminum imports "threaten to impair the national security", in a 262-page investigative report released Friday.

The reports recommend that Ross be allowed to grant requests from US companies to exclude specific products if the USA lacks sufficient domestic capacity or for national security considerations. "We can not be without an aluminum industry". Aluminum on the London Metal Exchange rose as much as 2.4% in London. Tariffs could be at least 24% on all steel imports from anywhere around the world and at least 7.7% for all aluminum imports if the widest net is cast.

The Aluminum Association Friday separately said while Commerce said job loss in the primary aluminum sector was 58% between 2013 and 2016, the total industry saw a slight increase in jobs during that period. The president could also consider the countries' willingness to work with the United States to address global excess capacity and other challenges facing the US aluminum and steel industries. And only one company in the country produces the high-quality aluminum alloy used for military aerospace purposes.

On Friday, Commerce Secretary Wilbur Ross reported that steel is in fact important to US national security, and current import flows are adversely impacting the steel industry.

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Even beer companies, which use aluminum to make their millions of cans, could be hurt.

The country-specific aluminum tariff option would impose a 23.6 percent tariff on all products from China, Hong Kong, Russia, Venezuela and Vietnam.

An aluminum quota of 86.7% of 2017 exports.

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  • Kelly Blake