President Donald Trump has pledged to end steel dumping in the United States, possibly via both quotas and tariffs on imports, according to a transcript released by the White House on July 13.
“Steel is a big problem. Steel is—I mean, they’re dumping steel. Not only China, but others. We’re like a dumping ground, OK? They’re dumping steel and destroying our steel industry, they’ve been doing it for decades, and I’m stopping it. It’ll stop,” he told reporters on Air Force One on July 12, the transcript shows.
When asked about tariffs, the president commented: “There are two ways: quotas and tariffs. Maybe I'll do both.”
Steel stocks spiked Thursday afternoon, following the release of the transcript. Shares of AK Steel Holding Corp. jumped 7.1%, while U.S. Steel Corp. and Nucor Corp. saw gains of 3.8% and 2.7%, respectively.
The US Commerce Department has said its report on the Section 232 investigation into the national security impact of steel imports is nearly complete.
While Trump has reportedly favored tariffs instead of quotas, and Commerce Secretary Wilbur Ross has backed a hybrid approach, industry experts remain wary of unexpected outcomes from the probe.
Multiple US economists also have warned against imposing steel tariffs, citing potential harm to relations with US allies.