"Since the day I took office, I have followed through on that promise big league, beginning with our withdrawal from the Trans-Pacific Partnership." He said he was proud of that withdrawal, which would have been "another NAFTA disaster."
Trump described his memorandum as one that "would prioritize the investigation that began yesterday, and really, long before that" of foreign steel arriving in U.S. markets, and its effect on national security.
"Maintaining the production of American steel is extremely important to our national security and our defense industrial base," he said. "Steel is critical to both our economy and our military. This is not an area where we can afford to become dependent on foreign countries."
Based on the findings off the report, Commerce Secretary Wilbur Ross will make formal recommendations to the White House "in the very, very near future," he said. His action was "the next vital step toward making America strong and prosperous once again."
The Commerce Department investigation could be completed in as little as 50 days, he said.
In response to a shouted question about how this will affect dealings with China on North Korea, Trump answered: "This has nothing to do with China. This has to do with worldwide, what's happening. The dumping problem is a worldwide problem."
Thomas J. Gibson, president and CEO of the American Iron and Steel Institute, applauded the action.
"Times of crisis call for extraordinary measures. Massive global steel overcapacity has resulted in record levels of dumped and subsidized foreign steel coming into the U.S. and the loss of nearly 14,000 steel jobs," he said in a statement. "The Administration launching this investigation is an impactful way to help address the serious threat posed by these unfair foreign trade practices, and we applaud this bold action. The domestic steel industry is the backbone of our manufacturing sector, and our continued ability to meet our national security needs is dependent on the industry remaining competitive in the global marketplace. We stand ready to work with the Administration on this initiative."
Democratic Rosa DeLauro of Connecticut said that while it was a "step forward," she would hold the administration accountable "on its promises to fight for working Americans. Already, President Trump has backed off on his promise to only use American steel for the Keystone XL pipeline, and he has walked back his commitment to hold China accountable for its decades of strategic currency misalignment."
She continued in her statement: "Our workers have been crushed by the Chinese steel overcapacity dumped into American markets and millions of good paying jobs have been lost. China is not a market economy, and we cannot continue to leave our workers exposed to non-market competition by the Chinese Communist Party."
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