President Trump and his trade war tianchai fire. He said he was considering two measures of import quotas and punitive tariffs to deal with the dumping of steel from other countries to the US market.

Local time on July 14th, Reuters reported that Trump said he might use both import quotas and punitive tariffs two means. "Other countries are dumping steel and destroying our steel industry. They've been doing this for decades. I'm ending this.". This will stop." The Trump administration is likely to announce measures to import steel in the coming weeks.

In the interview, Trump described the United States as a dumping ground for foreign dumping of steel, according to the US CNBC". But the US government has yet to issue any statement on punitive tariffs on steel. At the end of 4, Trump asked the US Department of Commerce to investigate whether the dumping of steel would threaten the national security of the United states. But the report failed to be released on schedule and is still being postponed, and the steel industry is still waiting for the final official decision.

The Washington Post reported local time on July 12th, including former Federal Reserve Chairman Bernanke and Greenspan, 15, who served as economic adviser to the White House economists issued a joint letter, against the imposition of punitive tariffs on steel imports or any other import restrictions. They wrote that trade protections would hurt relations between the United States and other allies, disrupt the economy, drive up manufacturers' costs, cut factory jobs, and make consumers pay higher prices.

According to foreign media reports, economists have pointed out that the United States has imposed more than 150 kinds of tariffs on steel imports, some tariffs as high as 266%. The United States, some of the leading sources of steel imports, are allies, such as Canada, Brazil, Korea and Mexico.

According to US media Politico, the survey also raises concerns that a damaging trade war could retaliate against American exports. Domestic demand for steel in the United States, such as automobiles and oil and gas industries, is also worrying about rising US steel prices and raising costs.

During his campaign, Trump promised to revitalize America's manufacturing sector, and to revitalize the American steel industry was one of his actions. In Trump's position to consider imposing restrictions and punitive tariffs on steel imports, U.S. stocks rose steel plates, the S & P 1500 steel index rose 3%.

At the G20 summit in Germany earlier this year, Trump threatened other countries with punitive steel tariffs. Trump blames global overcapacity and falling prices on unfair export competition in other countries and puts pressure on the theme of the summit trade.

Under the threat of the Trump administration, the final consensus was endorsed by the "legitimate trade defense tool", leaving room for punitive tariffs in the United states. Summit also set a date node to solve the global steel overcapacity, steel prices fell to the bottom of the problem. G20 communique put forward, by August 2017, G20 member countries need to strengthen the sharing of information and cooperation commitment to rapid development of concrete measures to reduce excess steel production capacity. The organization for economic cooperation and development (OECD) will release a report containing data and policy recommendations at the Forum on November.

The European Union, however, responded. European Council president Tusk and European Commission President Juncker jointly held a press conference at the G20 summit. They warned that if this ordinary punitive tariffs on steel imports and open trade war, Europe will retaliate. "We are confident and committed to demonstrating that free, open trade and clear and transparent rules are important tools for the prosperity of our society," Juncker said at the first meeting of his leaders.