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Trump starts trade probe into cheap steel coming into US from China
US PRESIDENT Donald Trump has launched a trade probe against China and other exporters of cheap steel into the US market, Reuters reports.
This raises the possibility of new tariffs and sending shares of some US steel makers up over eight per cent as the president cites concerns about national security as reasons for the probe.
"Steel is critical to both our economy and our military," said President Trump. "This is not an area where we can afford to become dependent on foreign countries."
The unusual step of launching an investigation comes as he pressures China to do more to rein in an increasingly belligerent North Korea.
When Chinese President Xi Jinping visited Trump in Florida earlier this month, Trump raised the possibility of using trade as a lever to coax China to do more.
This raises the possibility of new tariffs and sending shares of some US steel makers up over eight per cent as the president cites concerns about national security as reasons for the probe.
"Steel is critical to both our economy and our military," said President Trump. "This is not an area where we can afford to become dependent on foreign countries."
The unusual step of launching an investigation comes as he pressures China to do more to rein in an increasingly belligerent North Korea.
When Chinese President Xi Jinping visited Trump in Florida earlier this month, Trump raised the possibility of using trade as a lever to coax China to do more.
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