Posted by Davd Oliver on 4/21/2017 to Market Sectors
IncSmart Pennsylvania (Small Business and Startups) - President Trump is launching an investigation into foreign imports of steel. He promised during his campaign to crack down on steel dumping and unfair trading practices. He is directing Wilber Ross and the Commerce Department to investigate the practice to protect American steel industry and the American steelworkers. Steel imports make up 26 percent of the entire U.S. marketplace. This investigation should be completed in 50 days.
U.S. steel stocks surged after the announcement. The United Steelworkers Union praise the investigation into Chinese steel dumping. steel producing states like Ohio and Pennsylvania will benefit. Stock: X (NYSE)
By David Oliver
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