Mr Trump firm on tariffs on steel imports into US

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The Hill reported that US President Trump on Tuesday told lawmakers at the White House that he is considering new tariffs on imported steel and aluminum, warning that the domestic industries are being decimated by unfair trade. He told “They are dumping and destroying our industries. We can’t let that happen.”

Trump pushed back against several lawmakers who warned him the tariffs could cost US jobs and hurt the broader economy. He said “You may have a higher price, but you have jobs.”

Much of the meeting centered on what actions Trump might take on steel and aluminum imports, following reports sent to the White House by the Commerce Department last month. Trump has about 60 days left to make a decision whether to assess penalties under Section 232 of a 1962 trade law that gives the president the power to apply higher tariffs and quotas on imported steel and aluminum for national security reasons.

The White House meeting was scheduled as closed to the press, but Trump let reporters remain in the room. That allowed for an unusual public airing of the tensions between Republican lawmakers and the president on trade.

Lawmakers stayed on offense, warning the president that previous tariff actions have backfired and done more harm than good to jobs and US manufacturing. Sen Roy Blunt (R-Mo.) was first out the gate, warning Trump about the possible negative effects of high tariffs on imports. He told “We need to be careful here that we don’t start a reciprocal battle on tariffs. We make aluminum and we make steel in Missouri, but we buy a lot of aluminum and we buy a lot of steel as well.”

In 2002, President George W. Bush put emergency steel tariffs into place. But he lifted the tariffs a little more than a year later, after US allies threatened to retaliate.

Source : The Hill