AK Steel (AKS)

[detearing]

Defying threats of retaliation from the Chinese, Bloomberg reports that President Trump is pushing for a global tariff of 24% on all steel imports, a decision that will anger nearly every industrial manufacturer based in the US, while at the same time helping revive the fortunes of US steel producers.

The rates were first proposed by Commerce Secretary Wilbur Ross last week.

The commerce department released reports on the U.S. Department of Commerce’s investigations into the impact on our national security from imports of steel mill products and from imports of wrought and unwrought aluminum. These investigations were carried out under Section 232 of the Trade Expansion Act of 1962, as amended. All classified and business confidential information in the reports was redacted before the release.

Specifically, the department, found that the quantities and circumstances of steel and aluminum imports “threaten to impair the national security,” as defined by Section 232.