The Trump administration blamed speculators for the extent of the rise in domestic steel prices since its introduction of tariffs, saying it would investigate what the commerce secretary Wilbur Ross called “profiteering”.
Mr Ross said yesterday that domestic steel prices, which have become a growing area of concern for many US manufacturers, had increased far more than was justified by the 25 per cent tariff that President Donald Trump ordered this year.
US benchmark steel prices have risen almost 40 per cent this year, far more than increases seen in Europe or elsewhere in North America.
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