AK Steel, trade group head urges keeping 232 tariff

The chief executive of US steelmaker AK Steel told industry leaders today that he and the leading steel trade group want protectionist steel tariffs to continue.

The administration of President Donald Trump should "maintain a strong, broad-based Section 232 program to preserve America's national and economic security interests," said AK Steel chief executive Roger Newport, who is also the chairman of the American Iron and Steel Institute (AISI).

"This means developing strong mechanisms to promptly address surges and circumvention of the program through Canada and Mexico based upon a recent deal made by the three countries," said Newport at the AISI and Steel Manufacturers Association (SMA) annual general meeting in Washington, DC.

Steel and aluminum tariffs of 25pc and 10pc, respectively, on Canada and Mexico were removed on 19 May by Trump nearly a year after they were implemented.

Newport warned against "undermining the program" by providing preferential treatment to certain countries.

Australia is the only country that did not have steel and aluminum tariffs or quotas imposed on its exports to the US in March 2018. Brazil, South Korea and Argentina were allowed a tariff-free quota system for their exports to the US.

Trump recently threatened to impose tariffs on all goods from Mexico starting 10 June in response to immigration issues along the border. If implemented those could rise 5pc/month to 25pc by October.