Trump's Section 232 Memo Sends Steel Shares Higher, but We Maintain a Negative Long-Term Outlook
Share prices for operators across the U.S. steel supply chain rose sharply on April 20 as Trump dusted off the 1962 Trade Expansion Act as a vehicle for potentially tougher barriers against steel imports. Trump's official memo empowers Secretary of Commerce Wilbur Ross to investigate the "effects on national security of steel imports." More specifically, the investigation will analyze U.S. capacity relative to the country's needs for national defense requirements, the effect of imports on the we...
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