Economics
Trump Faces Laugh Test as He Weighs ‘Nuclear Option’ for Steel
- U.S. Commerce studying whether alloy vital for U.S. defense
- Trump may be presented with report as early as this week
Nucor CEO Encouraged by Trump's Steel Stance
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U.S. Trade Representative Robert Lighthizer was a lawyer working on behalf of the steel industry when it was pressing President Bill Clinton for help in 2000. One idea that came up: Declare steel critical to national security under a rarely used trade rule so it’s eligible for protection from imports.
The suggestion to even launch a so-called Section 232 investigation was dismissed out of hand because -- in the words of a member of Clinton’s Council of Economic Advisers Robert Lawrence -- “it didn’t pass the laugh test.” Only 3 percent of the steel produced in the U.S. went for defense.