Economists urge Trump not to impose new steel tariffs

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"I want it to be long lasting, and I want it to address the overhanging issue of Chinese steel overcapacity".

The letter arrives as political leaders and corporations in the United States and across the globe await the result of a Commerce Department investigation into whether steel imports threaten USA national security.

"They're dumping steel and destroying our steel industry".

The Commerce Department has been conducting a review of both steel and aluminum imports under a rarely used 1962 statute created to protect industries deemed vital to national security. "Maybe I'll do both", according to a White House transcript.

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They pointed to the emergency steel tariffs put in place under President George W. Bush in 2002 as an example of why new efforts under the Trump administration might not work.

Senator Ron Wyden, the Finance Committee's top Democrat, said some members tried to convey to Ross that using the Cold War-era trade law to restrict imports of steel on defence grounds was "not an enduring solution" to the steel production glut. They said tariffs would raises costs for manufacturers, reduce employment in manufacturing and increase prices for consumers.

"President Trump's comment today about quotas and tariffs on steel and the positive response across steel stocks suggests more upside ahead when an official announcement is made by the Commerce Department", Jim Strugger, managing director, derivatives strategist, at MKM Partners, told CNBC in an email Thursday.

It's still unclear how many countries would be subject to Trump's steel tariffs.

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"We urge you to avoid a policy that would likely incur greater economic and diplomatic costs than any conceivable national security gain", they wrote.

Her spokesman said Thursday Canada's feelings on steel remain the same as they were following the G20.

Strow said there are far more people in the region employed in the automobile industry than in steel.

"The kind of back and forth complimentarity between Canada and the USA on steel is something we both value tremendously as countries and will ensure to protect", Trudeau said July 8. In his business career, Commerce Secretary Wilbur Ross purchased several bankrupt steel companies, including Bethlehem Steel Corporation and Weirton Steel in the Ohio Valley.

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