U.S. Signals New Trade Blow With Metal Tariff Proposals
- Commerce Department finds metal imports threaten security
- Ross recommends options that include import tariffs, quotas
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The U.S. Commerce Department revealed its recommendations that the U.S. impose tariffs or quotas on imports of aluminum and steel, in the strongest indication yet the administration intends to see through its protectionist agenda.
Commerce “found that the quantities and circumstances of steel and aluminum imports threaten to impair the national security,” Secretary Wilbur Ross said Friday. The news spurred gains in metal prices as well shares in Alcoa Corp., Century Aluminum Co. and U.S. Steel Corp. An increase in tariffs could impact consumer prices of everything from from beer cans to cars.