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Companies fight Trump behind the scenes on steel tariffs

Jul. 15, 2017 9:25 AM ETNOV Inc. (NOV) StockF, GM, XOM, CVX, NOV, SHEL, SLX, ELUXF, BALL, DDBy: Carl Surran, SA News Editor159 Comments
  • Pres. Trump has been open about his desire to impose tariffs on steel imports, but U.S. manufacturers, energy companies and retailers reliant on cheap steel have been quietly lobbying against such a move ahead of a possible decision next week by the Commerce Department.
  • Steel producers (NYSEARCA:SLX) in the U.S. stand to benefit from tariffs that would enable them to raise their prices, but U.S. firms that use steel want to keep their costs down and say tariffs could cost millions of jobs; any U.S. tariffs also could cause damage to unrelated industries if other countries retaliate by also imposing tariffs on U.S. exports in sectors such as agriculture.
  • Several companies including National Oilwell Varco (NYSE:NOV), Ball Corp. (NYSE:BLL) and Electrolux (OTCPK:ELUXF) have submitted public comments to the Commerce Department arguing against tariffs.
  • The American Petroleum Institute - which represents big oil refiners and chemical companies including Exxon (NYSE:XOM), Shell (RDS.A, RDS.B), Chevron (NYSE:CVX) and Dow Chemical (DOW) - and the American Automotive Policy Council - which includes Ford (NYSE:F) and GM - have issued strong statements against steel tariffs.

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