US Commerce: One option is to impose 24% global steel tariff
Commerce Dept lays out options for Trump
- Alternative option of 53% tariff on steel imports from 12 countries, including Brazil, China, Vietnam and South Korea
- Another option of quota on all steel products from all countries of 63% of each country's 2017 exports to US
- Recommends one options of at least 7.7% on aluminum from all countries
- Alternative option of 23.6% tariff on productions from China, Hong Kong, Russian, Venezuela and Vietnam with other countries have quota of 100% of 2017 exports to US
- Alternative options all countries have quota of 86.7% of 2017 exports to US
Those sound awfully harsh. Shares of US domestic producers are surging with US Steel up more than 11%.