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Trump is considering quotas and tariffs on Chinese steel dumping

U.S. President Donald Trump said he is considering quotas and tariffs to deal with the "big problem" of steel dumping from China and others.

13.Jul.17 2:56 PM
By Daria Zaytseva


Trump is considering quotas and tariffs on Chinese steel dumping

Trump said that they were dumping steel and destroying the United States steel industry, and he would stop it. He also told reporters that there were two ways: quotas and tariffs or both.

Steel stocks rallied on the news, recovering some of the year-to-date declines in the sector.

The S&P 1500 steel sector index added as much as 3 percent shortly after Trump's remarks. The index has risen nearly 40 percent in the weeks after the election on 8 November, but this year it dropped by 6.6 percent on Wednesday.

On Thursday, the stock exchange traded fund VanEck Vectors rose 0.6 percent after declining 1 percent to reviews of the Trump. Shares of AK Steel rose to 7.9 percent, Nucor - 2.6 percent, while U.S. Steel - 4.0 percent.

Trump's action on steel is a part of a campaign pledge he made to help revive U.S. manufacturing. The decision of administration on the steel would be to publish in the coming weeks.

Trump also said he would invite Russian President Vladimir Putin to the White House.

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