DOC Secretary Ross to submit Section 232 study results “very shortly”
US Commerce Secretary Wilbur Ross said on Thursday that a national security review of the US steel industry will be completed “very shortly,” adding that the review will focus on protecting the interests of domestic steel producers and consumers, according to various news reports.
During a Senate Appropriations subcommittee hearing, Ross said he believes there is “a genuine national security issue that must be considered in this case,” the second indication in two days that the Trump administration plans to implement new steel import restrictions.
In a speech in Ohio on Wednesday, Trump said: “Wait until you see what I’m going to do for steel and for your steel companies. We’re going to stop the dumping, and stop all of these wonderful other countries from coming in and killing our companies and our workers. You’ll be seeing that very soon.”
Ross previously said he expects to complete the study by the end of June, identifying three types of actions he could recommend to the president: imposing tariffs above the current antidumping and countervailing duties on steel products; imposing quotas limiting the volume of steel imports; and a hybrid “tariff-rate quota” option.
Ross said that the hybrid option would help mitigate concerns over domestic steel price inflation, as many in the US steel industry have voiced concerns that import limits would cause price increases.
“The overall impact on inflation were that to be the route, should be relatively modest,” Ross said. “So we’re very mindful of the need both to protect the domestic steel producers from inappropriate behavior on the part of foreign dumpers, but also to protect the steel consumers, the steel fabricators, the auto companies and everybody else who uses steel.”
*This was published on SteelOrbis website on June 8, 2017.