Donald Trump Launches Investigation into Exports of Steel in United States
Donald Trump has launched an investigation into countries that export steel to the US, raising the prospect of new tariffs on imports, the BBC reported.
It is designed to stop countries from flooding the United States with artificially cheap steel and undercutting local suppliers.
China is most often associated with the practice but the president said it had "nothing to do" with Beijing. He said it was about protecting US security.
The news caused shares in US steelmakers to rise sharply.
However, Asian steelmakers also climbed as investors appeared to shrug off the news.
The United States government has previously attempted to shield national steelmakers from cheap foreign steel through the World Trade Organization, but the Trump administration says this has had little impact.
Instead, its investigation will fall under the United States Trade Expansion Act of 1962, which lets the president impose restrictions on imports for reasons of national security.
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