Trump to announce decision on steel import tariffs early next week

President Trump and the U.S. Commerce Department are expected to reveal their plans on the domestic steel market early next week.

However, American manufacturers, energy companies and retailers reliant on cheap steel are quietly lobbying against President Donald Trump’s desire to impose tariffs on steel imports, reports Reuters.

The Commerce Department could issue their decision on this matter as early as next week, which is said to have been delayed due to debate inside the administration.

While U.S. steel producers such as U.S. Steel Corp and AK Steel would benefit from protectionist tariffs as this would enable them to raise their prices, U.S. manufacturers and energy companies who use steel want to keep their costs down fearing that tariffs could create job cuts in their industries.

Source: Reuters