Timing of Trump's decision to import steel remains inaccurate

Following a large-scale conference call on Friday regarding an investigation of Article 232 steel imports, US Commerce Secretary Wilber Ross did not dare to reveal when US President Donald Trump could decide what action to take on the three trade-recommended tariffs and quota options stemming from the investigation.

Trump's decision is due on April 11, but Ross declined to speculate on whether the president will wait for a deadline or make a decision in a fairly short order as the trade discloses its recommendations to restrict trade. “He will make his decision when he makes his decision,” Ross said.

After a nine-month investigation into section 232 of the Trade Expansion Act 1962 concerning the impact of imports on national security, Ross recommended three possibilities: a global tariff of at least 24% on all steel imports from all countries; a tariff of at least 53% on all steel imports from 12 key steel exporting countries and quotas on goods for steel imports from all other countries equal to 100% of their exports in 2017 to the United States, and thirdly, a quota on all steel products from all countries, equal to 63% of their 2017 exports to the United States.

In response to significant revelation, share prices of major US steel producers and distributors rose on Friday, and steel market participants discussed the possibility of even stronger increases in domestic steel prices.

Ross also said America's trading partners could complain about the restrictions if accepted by the World Trade Organization. At the same time, he noted that WTO mandates can be canceled in cases of national security.