US President Trump Threatens Trade Action on Steel, Aluminum Imports

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U.S. President Donald Trump says he is considering tariffs, quotas, and retaliatory taxes on imports of steel and aluminum from countries such as China, Japan, and South Korea.

The comments came during a wide-ranging trade discussion Tuesday between Trump and a bipartisan group of lawmakers at the White House.

The president said U.S. steel and aluminum industries are being "decimated" by the "dumping" of cheap imports of those materials into U.S. markets.
Trump has long threatened what he calls "reciprocal" trade action to deal with steel, aluminum, and other imports.

But he has so far avoided taking any major steps, ostensibly out of fear of hurting the country's strong economic performance since he took office.

Several lawmakers on Tuesday urged Trump to be cautious when considering retaliatory trade steps, saying such measures could spark a trade war that leads to higher prices for U.S. producers and consumers.

"It's very, very much a double-edged sword," Trump conceded.

"I want to keep prices down, but I also want to make sure that we have a steel industry and an aluminum industry," he added.

The Trump administration is currently renegotiating the North American Free Trade Agreement (NAFTA), as well as the U.S.-Korea Free Trade Agreement with South Korea.

Trump called the U.S.-South Korea deal "very, very bad" and "horrible." He also said Canada has "treated us very, very unfairly."