The US Senate Finance Committee will be briefed Friday by Trump administration officials on the Department of Commerce's investigation into steel imports, a Senate aide said Thursday.
"The briefing is scheduled for tomorrow afternoon on the hill," the aide told S&P Global Platts, without revealing further details.
In mid-April President Donald Trump directed the Commerce Department to investigate the impact of steel imports on US national security under Section 232 of the Trade Expansion Act of 1962.
A week ago Thursday, Commerce Secretary Wilbur Ross said the investigation would be completed "very, very shortly." Trump followed that with a Friday night tweet, noting: "Wait till you see what I'm going to do for steel and for your steel companies." And on Monday, Trump echoed Ross, telling reporters that action on steel imports was coming "soon."
Since April, the Section 232 investigation has been largely supported by US mills, but has alarmed downstream manufacturers who rely on imports, a 1,598-page compilation of public comments showed.
Politico.com has reported that administration officials are expected to present three options to the president:
25% tariff that would apply to any steel imports that fall in the scope of the investigation.
A tariff-rate quota that would hit imports with a tariff once they exceed a certain volume. There is also discussion of an alternative that would apply tariffs if imports dip below a certain price.
A straight quota that would apply strict limits on imports of certain types of steel products from certain countries.
It's expected that these and other details will be laid out first to the Senate Finance Committee and House Ways and Means.
With the Commerce Department's Section 232 report release apparently imminent, its anticipation is creating jitters in other steel markets.
The European Commission is considering introducing its own safeguard measures against steel imports to counteract a potential influx if the US does take strong action.
