US President Donald Trump today announced an investigation into whether foreign imports of steel threatens US national security in a move that could lead to broad tariffs on steel imports, according to reports.
The probe was initiated on a 1962 trade law that is hardly used but allows the US government to limit imports that threaten its security.
Speaking at the White House, Trump said the order "has nothing to do with China", the country that holds about half of the world's steel capacity.
“This has to do with worldwide, what’s happening. The dumping problem is a worldwide problem," Trump said.
Trump called it a "historic day for American steel", saying it is not an area where the US can depend on foreign countries for imports.
US steel stocks soared on the news. United States Steel Corp jumped more than eight per cent, AK Steel surged more than seven per cent and Nucor Corporation lifted over five per cent.