Timing of Section 232 Decision Remains Uncertain
07/28/2017 - U.S. Commerce Secretary Wilbur Ross said he’ll defer to President Donald Trump on the timing of the administration’s Section 232 decision, according to the Reuters news agency.
"I can only follow my leader," Ross told members of the House Ways and Means Committee during a briefing Thursday, Reuters reported.
Earlier in the week, Trump, during an interview with The Wall Street Journal, said the administration wasn’t ready to move on Section 232 measures, even though it was to have announced a decision by the end of June.
Ross told lawmakers during the briefing that the administration is considering a negotiated solution, given the potential for retaliatory measures from other countries were the U.S. to impose restriction under Section 232, according to World Trade Online.
But even without any action at hand, the possibility of it may already be affecting buying behaviors, according to the Bloomberg news service.
According to Bloomberg, Cliffs Natural Resources Inc. chairman and chief executive Lourenco Goncalves said buyers are looking to avoid the risk of retroactive penalties by shying away from foreign steel, which is pushing up demand for domestic steel and allowing mills to raise prices.
“We are seeing that happening right now,” said Goncalves.
Earlier in the week, Trump, during an interview with The Wall Street Journal, said the administration wasn’t ready to move on Section 232 measures, even though it was to have announced a decision by the end of June.
Ross told lawmakers during the briefing that the administration is considering a negotiated solution, given the potential for retaliatory measures from other countries were the U.S. to impose restriction under Section 232, according to World Trade Online.
But even without any action at hand, the possibility of it may already be affecting buying behaviors, according to the Bloomberg news service.
According to Bloomberg, Cliffs Natural Resources Inc. chairman and chief executive Lourenco Goncalves said buyers are looking to avoid the risk of retroactive penalties by shying away from foreign steel, which is pushing up demand for domestic steel and allowing mills to raise prices.
“We are seeing that happening right now,” said Goncalves.
