Why Trump’s Tariffs Will Push Up U.S. Steel Prices

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• 00:03

  The EU hits back as US Steel and aluminum tariffs kick in.

• 00:08

  We'll look at how President Trump's latest trade moves will impact the global metals market.

• 00:13

  Plus, Ireland's tariff fears threaten to overshadow St. Patrick's Day festivities at the White House.

• 00:20

  And voters in Greenland slow walk independence as Washington sizes up the territory's minerals.

• 00:26

  So if President Trump was hoping for an opening for further American influence, that has sort of been fairly closed off with this election.

• 00:35

  It's Wednesday, March 12th.

• 00:37

  I'm Luke Vargas for the Wall Street Journal and here is the AM edition of what's news, the top headlines and business stories moving your world today.

• 00:49

  25% US tariffs on all steel and aluminum imports went into effect at midnight.

• 00:55

  The measures bear similarity to 25% steel and 10% aluminum tariffs that Trump embraced in his first term.

• 01:03

  And aims to address what Trump and his team say is an unfair global steel trade in which foreign government subsidies and other trade barriers allow countries to sell steel to American customers cheaper than US Made metals.

• 01:16

  So what effect will the new tariffs have on America's trading partners and its domestic manufacturers?

• 01:23

  Nicole Vogt is a managing director at Boston Consulting Group and the firm's global metals co lead.

• 01:29

  Nicole, what does this US Action mean for steel producers around the world?

• 01:33

  Yeah, basically the whole world is watching that.

• 01:36

  Yes, I mean to get some facts and figures here, I mean the U.S. i mean let's stick with steel, has a demand of 90 million tons roughly and imported 25 million tons.

• 01:47

  And now with the Trump legislation, everything will be under tariffs.

• 01:52

  And so you know, what is the impact on that?

• 01:55

  And to be honest, short term the US will most likely be impacted because you cannot change that quickly your production set up than to produce everything locally.

• 02:09

  And of course there's a secondary effect with we getting rid of the exemptions or the country exemptions and the company exemptions.

• 02:17

  We have now a level playing field for all the importers.

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