President Donald Trump told reporters en route to Paris that he might use quotas and tariffs to ward off the illegal dumping of steel in the US market, according to a transcript of remarks made on Air Force One, and first reported by CNBC.
"There are two ways -- quotas and tariffs. Maybe I'll do both," Trump said Wednesday evening, according to excerpts of his conversation with reporters. The transcript was made available Thursday afternoon.
Trump added that any action would unlikely be confined to China, because other countries are also dumping steel in the US.
"Not only China, but others. We're like a dumping ground [for steel], okay?" Trump said. "They're dumping steel and destroying our steel industry, they've been doing it for decades, and I'm stopping it. It'll stop."
Since mid-April, the Commerce Department has been investigating if it should recommend steel trade restrictions to the president on grounds of national security under Section 232 of the Trade Expansion Act of 1962.
When Commerce does issue its report, Trump will have 90 days to respond.
US-based steel equities rallied after Trump's comments on steel imports were reported, led by AK Steel, which closed up 7.1%, US Steel +3.76%, Nucor +2.65%, Steel Dynamics +2.25% and ArcelorMittal +2.08%.
