U.S. trade strategy's intent is to create jobs
- Author: Tracy Klein Feb 16, 2018,
Feb 16, 2018, 6:11
Wang Hejun, the head of MOFCOM's Trade Remedy and Investigation Bureau, made the comments ahead of a meeting later in the day between U.S. President Donald Trump and a group of U.S. lawmakers to discuss trade.
But House Ways and Means Chairman Kevin Brady said after the meeting that Trump "was listening very carefully".
According to USA statistics, nearly 222 of the existing trade remedies in effect in the United States were for steel products by the end of January 2018, accounting for more than 50 percent of all trade remedy measures conducted by the country, covering almost all imported steel products.
Shares of U.S. Steel (X) rose 3.6%, AK Steel (AKS) 4.4%, Steel Dynamics (STLD) 2.1%, and Nucor (NUE) 1% on the stock market today. Trump has had to balance those realities with his own protectionist campaign rhetoric and calls from his political base for action that matches it.
Trump was presented last month with two Commerce Department reports concerning alleged Chinese subsidies for steel and aluminum exports, whose findings had not been made public. The administration has another two months to decide on possible retaliatory action.
Trump said that "many countries" including China are "dumping" imports of the metals on the US market, hurting domestic production.
"The price may be higher, but what is better, a lower price and no jobs, or a higher price and jobs?"
Apart from recent tariffs on washing machines and solar panels, the United States looks likely to impose tariffs on steel and aluminium.
"This really is a national security issue", said Senator Bob Casey, a Pennsylvania Democrat.
The US is also tightening oversight over Chinese investment, and will soon release the results of a probe on intellectual property theft. We are like the piggy bank that had people running it that didn't know what the hell they were doing.
Trump said on Monday that he would soon announce a "reciprocal tax"-a tax on imports from other countries at the same rates those countries impose on US products". "We're telling the President you've got to enforce the rules in a way that the playing field is level". During the meeting, Trump.
"We have countries that are taking advantage of us". They're charging us massive tariffs for us to sell our products into those countries.
A House Republican proposal to tax imports, known as the border-adjusted tax, was removed from tax revamp plans after facing intense opposition from import-heavy industries such as retailers, and a cool reception from Senate lawmakers.