Trump administration: New steel policy under 'America first' approach

by David Fleschen

The Trump Administration has unveiled a comprehensive strategy to revamp trade policies affecting the steel industry as part of the broader 'America First' trade policy initiative. The policy aims to prioritize national economic interests by enhancing domestic production capabilities, addressing trade imbalances, and strengthening national security.

The administration has directed key federal agencies, including the Department of Commerce and the Office of the United States Trade Representative, to investigate persistent trade deficits and identify unfair trade practices impacting the steel sector. These efforts may result in the imposition of global supplemental tariffs and revised antidumping measures to protect American steel producers from foreign competition.

President Trump's policy framework also calls for a review of existing trade agreements, including the United States-Mexico-Canada Agreement (USMCA), to ensure they align with the interests of American workers and manufacturers. The administration will assess the impact of these agreements and explore potential bilateral and sector-specific agreements to improve market access for U.S. steel exports.

A key focus of the initiative is to address the challenge posed by low-cost steel imports, particularly from China. The administration has pledged to review and, if necessary, modify tariff structures to counteract unfair trade practices and currency manipulation by major trading partners.

In addition to addressing trade imbalances, the policy outlines plans to enhance enforcement measures, including strengthening the External Revenue Service to collect tariffs more effectively and prevent illegal import activities such as counterfeit steel products.

The Trump Administration also aims to tackle domestic challenges within the steel sector by reducing regulatory burdens and ensuring competitive energy costs for manufacturers. As part of this effort, the administration is considering reinstating subsidies for industrial energy consumption and reviewing policies related to environmental compliance costs.

Source: White House, Photo: Fotolia

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