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4/20, 6:26 PM (Source: TeleTrader.com)
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Trump launches probe into foreign steel imports

United States President Donald Trump signed an executive order on Thursday to authorize an investigation into whether foreign steel imports are harming national security and causing unfair competition. Trump signed the order as he met with executives from the steel industry.

Under the memo, Commerce Secretary Wilbur Ross will have 270 days to conduct the probe which started on Wednesday. Under the Trade Expansion Act of 1962, the president could decide to restrict imports of steel or lift tariffs on imports if the investigation shows they pose a threat to US national security.

Earlier today, Ross announced the memo and stated: "The important question is protecting our defense needs. And we will do whatever is necessary to do that, but we’ve come to no conclusion yet, because the study is just recently begun." He added that China currently "commands 26% of the American market." However, Trump has denied the probe has anything to do with China and stated it will investigate imports from all around the world.

TeleTrader Newsroom / NP