President Donald Trump on Thursday launched a trade probe against China and other exporters of cheap steel into the U.S. market, raising the possibility of new tariffs and sending shares of some U.S. steel makers up over 8 percent.
Citing concerns about national security, Trump made the announcement at a White House ceremony with U.S. steel executives from Nucor Corp (NUE.N), United States Steel Corp (X.N) and TimkenSteel Corp (TMST.N) alongside Commerce Secretary Wilbur Ross, a billionaire businessman who made part of his fortune investing in the steel business.
"Steel is critical to both our economy and our military," said Trump, a Republican. "This is not an area where we can afford to become dependent on foreign countries."
