Caterpillar Inc., whose products were featured at the White House's "Made in America Product Showcase" last week, is flagging caution on the Trump administration's efforts to curb steel imports.
Caterpillar CFO Brad Halverson said the company is concerned that any action on steel imports could put U.S. manufacturers at a competitive disadvantage, as domestic steel prices could see a "significant" increase. The Peoria, Ill.-based company's competitors outside the U.S. could buy steel at a lower price if the government placed tariffs or quotas on shipments, Halverson said in a telephone interview.
The comments come amid administration inquiries to determine if steel and aluminum imports threaten national security. The investigations, under the seldom-used Section 232 of the Trade Expansion Act, come after the Obama administration handed down a series of anti-dumping measures that have helped curtail cheap Chinese shipments and boosted prices and profit for domestic steelmakers.
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