Steel industry-related exchange traded funds could strengthen as President Donald Trump wants to revive U.S. steel.
President Trump said Monday that he wants to bring the steel industry back to America even if it means the administration will enact tariffs on imports from other countries, Reuters reports.
“I want to bring the steel industry back into our country. If that takes tariffs, let it take tariffs, OK? Maybe it will cost a little bit more, but we’ll have jobs,” Trump told a meeting at the White House with state governors.
President Donald Trump has told confidants that he wants to impose the harshest tariffs on steel and aluminum imports recommended by the Commerce Department, Bloomberg reported.
The U.S. Commerce Department has recommended curbs on steel and aluminum imports from China, which has been accused of dumping on the global markets, and other countries. Trump said he wants to place a 24% tariff on steel imports, the harshest outcome of three options presented to him, along with a 10% duty on all aluminum entering the U.S. The White House, though, had said Trump has not yet made a final decision on the matter.