President Trump has just made a very unexpected move against China and other exporters of cheap steel. Today, he officially launched a federal investigation about whether or not steel that is from abroad can actually threaten the American steelmakers or harming the economy.
Raw Story reported that President Trump signed a memorandum that is authorizing the U.S. Commerce Department to investigate the impact of steel imports on the U.S. defense industrial base.
As he signed the memorandum, President Trump said the following statement, “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.”
Wilbur Ross, the American secretary of commerce, explained that the investigation was launched because the Chinese exports of steel in America have reached a staggering 26 percent of the American market. He also said that the Chinese exports have risen “despite repeated Chinese claims that they were going to reduce their steel capacity.”
“The artificially low prices caused by excess capacity and unfairly traded imports suppress profits in the American steel industry,” The Trump administration said in a statement.
Finally!! We have a President in the White House that actually cares for the American economy and markets. Good Job Mr. Trump!
What are your thoughts on this folks? Do you think that President Trump should proceed with this investigation?
Thank you for reading.