US President Donald Trump announced on Thursday that he would depend on 25 percent of imported steel products and 10 percent of aluminum that would transfer management to protect US industry but did not help critics increase employment and negotiate with China.
Trump, who spoke after a meeting of US steel and aluminum producers, said the task would be officially announced next week.
“We will build our steel industry and return to our aluminum industry,” he said.
News prices raised significantly US shares of domestic steel and aluminum, but Wall Street’s view was attributed to higher potential potential consumer spending.
The movement following what someone described immediate information about the conversation as a nighttime “chaos” in the White House due to the immutable position of the kingdom was criticized by the senior members of the Republican Republic.
“Every time you do that, you get a reward, agriculture is the ultimate goal that I find very damaging to agricultural agriculture,” said Senate Agriculture Committee Chairman Pat Roberts.
China in Washington for trade talk
China threatened to reduce US soy consumption in return, while the European Union said it would also act. His secretary general of China in Washington for trade talks.
After Trump, AK Steel Holding grew by almost 12%, US Steel Corp 8% and Nucor by 3.6%. On the other hand, industrial stocks like Boeing have fallen by traders who charge prices to meet the manufacturer’s cost.
According to the administration, duty will protect American industry, but critics say it raises industrial costs and fails to deliver promises of campaigning to do housework.
Trump is unlikely to announce the price on Thursday night from one side of the board to the other.
“There have been a lot of movements in the last 12, 16 hours,” said one source who sensed the conversation, but declined to be mentioned because of the sensitivity of the problem.
That will happen. It will not happen, and then it happens. ”
The government also mentioned the benefits of national security for its operations saying that the United States needs domestic supplies for its tank and warship. Unlike Trump on Thursday, the Defense Ministry recommends paying for steel and suspends aluminum duty.
Only 2% of US steel imports
Although China accounted for only 2% of US steel imports, this large expansion of the industry has increased the overall advantage of steel, leading to lower prices.
Trade tensions between the United States and China have increased since Trump began operating in 2017, and the government also rejected what was trying to force technology transfer to China.
Asian steelmakers such as POSCO South Korea and Nippon Steel hit the night.
While US steel producers between 1962 and 2005/4 lost their jobs, they pointed out in the American Economic Association’s Great Study largely because of the best production technology, since production per worker five times.
“So even though trade protection will increase domestic production, employment growth may be much lower than expected,” said a report released by the Independent Network of Renewed Networks that was honored last week.
Users of steel and aluminum are struggling. Econofact notes in its report that there are two million jobs in industries that use “intensive” steel, including auto parts, appliances, agricultural machinery and petroleum equipment.
Employment in the consumer industry is concentrated in California, Texas, the Northeast and Midwest, forming rust bands and pointing to the southeast.
“In many countries, the number of jobs that can negatively affect the steel processing industry may be much higher than all steelworks stored,” said Econofact.
“Past experience suggests that unilateral action as part of volume 232 that has led to the cost of steel tariffs in the Bush era in many countries has focused on politically sensitive US exports such as oranges and Florida textiles in North Carolina.”