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Quick Take: China Calls for US Restraint in Steel Probe

Quick Take: China Calls for US Restraint in Steel Probeā€

The President says China's steel and aluminum imports are killing United States companies and taking American jobs.

China's investigations, which may take up to a year, signal that Beijing can inflict disproportionate pain on rural constituencies that voted for Mr Trump and his allies, said one analyst who asked not to be named.

US steel stocks rose broadly after the comments, with the S&P 1500 steel index closing up 1.1 percent and outperforming the broader market.

Shares of U.S. Steel (X) rose 3.6%, AK Steel (AKS) 4.4%, Steel Dynamics (STLD) 2.1%, and Nucor (NUE) 1% on the stock market today.

But Trump also is under domestic pressure. Make sure to read The Big Picture column each day to stay on top of the market's prevailing trend, so you'll know when it will make sense to get aggressive again.

Trump was presented last month with two Commerce Department reports concerning alleged Chinese subsidies for steel and aluminum exports, whose findings had not been made public.

Wang Hejun, director of the Trade Remedy and Investigation Bureau at China's Ministry of Commerce, made the remark in response to the U.S. Department of Commerce's announcement of a probe into possible dumping of steel products by China and five other countries Monday.

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"They're dumping and destroying our industry, and destroying the families of workers, and we can't let that happen", Trump told a group of Republican and Democratic lawmakers at the White House. The prospect of Trump turning tough trade rhetoric into action increased last month after he slapped tariffs on solar panels and washing machines, in his first major punitive trade action since taking office.

"This really is a national security issue", said Senator Bob Casey, a Pennsylvania Democrat.

Trump has frequently accused China of unfair trading practices, and he recently told Chinese President Xi Jinping that the US trade deficit with China is "unsustainable".

Mr Schott said most Chinese steel is blocked from entering the U.S. under existing anti-dumping and countervailing duty measures, with only about a million tonnes or maybe less going into the US.

"I think we do need to be careful here that we don't start a reciprocal battle on tariffs", Senator Roy Blunt, a Missouri Republican told Trump.

"We have a very, very bad trade deal with Korea", Trump said. "We're like the stupid people, and I don't like to have that anymore". The move triggered concerns in several countries about the rampant use of trade protectionism measures by the US. "And then I call that fair trade".

Ultimately, he said that may lower duties for everyone. They're charging us massive tariffs for us to sell our products into those countries.



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