US Secretary of Commerce Wilbur Ross told Bloomberg Television today that the Trump administration will postpone a decision in the Section 232 investigation until after tax reform is achieved in Congress.
“The policy decision has been made to postpone that until the tax bill,” Ross said, adding that overhauling the tax system is the “single most important” item on the administration’s agenda. In another interview on CNBC, Ross said the DOC isn’t “backing away,” but “it’s a question of timing.”
In particular, Ross said the administration doesn’t want to “unnecessarily irritate” members of Congress while trying to build support for tax overhaul legislation.
Shares of major US steelmakers, including US Steel, Nucor, AK Steel, and Steel Dynamics Inc. declined after Ross’s remarks.