Import Restrictions on U.S. Steel Imports
President Trump suggested on Tuesday that the United States was likely to impose restrictions on imported steel and aluminum. Meeting with a bipartisan group of lawmakers, the president said such restrictions would help save struggling steel companies from foreign competitors that “dump” low-priced metal on American markets. “What we’re talking about is tariffs and/or quotas,” Mr. Trump said.
In April, the president began twin investigations into imports of steel and aluminum under the little used Section 232 of a 1962 trade law, which permits sweeping restrictions to protect national security. Supporters of the action say American metal makers badly need the assistance to survive and continue producing planes, armored vehicles and other products for the military.
But the measure also has plenty of critics, who fear that such restrictions amount to a protectionist grab by metal makers and will raise prices for steel and aluminum. They argue that because the metals are widely used to make other products, other industries — including automobile manufacturers and food packagers — would suffer.