Trump launches international trade probe on steel imports

Trump launches international trade probe on steel imports

US President Donald Trump has launched an investigation into cheap foreign imports of steel, citing concerns over national security.

According to analysts, this move could raise the possibility of new tariffs being introduced on steel imports, thus strengthening the national steel industry in the US.

The announcement was made at a White House ceremony, in the company of steel executives from Nucor Corp (NYSE:NUE), United States Steel Corp (NYSE:X) and TimkenSteel Corp (NYSE:TMST).

“Steel is critical to both our economy and our military. This is not an area where we can afford to become dependent on foreign countries,” said Trump.

Trump added that the probe was not directly concerned with China, the nation that produces around half of the world’s steel and is a leading exporter of the metal.

Following the announcement, US steel stocks soared, with United States Steel Corp shares jumping more than 8%, while Nucor Corporation lifted over 5%.