US PRESIDENT Donald Trump has launched a trade probe against China and other exporters of cheap steel into the US market, Reuters reports.
This raises the possibility of new tariffs and sending shares of some US steel makers up over eight per cent as the president cites concerns about national security as reasons for the probe.
"Steel is critical to both our economy and our military," said President Trump. "This is not an area where we can afford to become dependent on foreign countries."
The unusual step of launching an investigation comes as he pressures China to do more to rein in an increasingly belligerent North Korea.
When Chinese President Xi Jinping visited Trump in Florida earlier this month, Trump raised the possibility of using trade as a lever to coax China to do more.
THE Port of Oakland's total loaded import and export container cargo volumes in March rose 9.3 per cent on the back of import volumes leaping 19 per cent year on year, reversing a 9.2 per cent decline in February's imports. The rebound is said to reflect a return to normal trade patterns after Chinese New Year in February. In first quarter, 402 ships called at the port, down 5.6 per cent year on year, Yet, the ships carried an average of 8.4 per cent more cargo, indicating that Oakland is receiving more larger vessels, reported American Shipper. According to ocean carrier schedule and capacity database BlueWater Reporting's Terminal Analysis tool, the Port of Oakland currently caters to 28 container services at three terminals for an aggregate capacity of 1.34 million TEU.