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AISI Chairman Lourenco Goncalves Applauds President Trump’s Action on Steel Tariffs
During the American Iron & Steel Institute (AISI) Annual Meeting in Washington D.C., Lourenco Goncalves, Chairman, President & CEO of Cleveland-Cliffs, and AISI Chairman, applauded President Donald Trump’s recent announcement to raise existing tariffs on imported steel from 25% to 50%.
“As Chairman of the American Iron & Steel Institute, our member companies applaud President Trump’s decisive move to raise tariffs on imported steel to 50 percent,” Mr. Goncalves said, “This bold action strengthens the American steel industry and safeguards the livelihoods of our nation’s steelworkers.”
Pictured: From left, Kevin Dempsey, AISI President & CEO, The Honorable Kevin Hassett, Director of the National Economic Council, The White House, and Lourenco Goncalves, Chairman, President & CEO of Cleveland-Cliffs.
Why Steel Tariffs are Necessary
Steel tariffs have long played a crucial role in protecting the U.S. economy, national security, and industrial base from the adverse effects of global steel overproduction. Without strong enforcement of steel tariffs, the steel industry in the United States faces an unfair playing field that can lead to plant closures, job losses, and a weakened supply chain.
For decades, foreign producers, often backed by government subsidies, have flooded international markets with artificially cheap steel, undercutting American manufacturers and threatening domestic jobs. These violators of fair trade also employ currency manipulation and weak environmental regulations or lack of enforcement of them.
Cliffs Company-Wide “Buy American” Automotive Incentive Program
“If you want to do well for the American people, companies need to produce and manufacture in America and people need to buy things that are made in America. We are pleased to do our part to support President Trump’s "America-First” agenda. It serves as a recognition that our employees, as American consumers, will help power the resurgence of domestic manufacturing. We hope that other companies will follow suit and do their part to incentivize consumption of American-made products.”
Mr. Goncalves discussed the “Buy American” Automotive Incentive Program rolled out for Cliffs employees.
Watch Press Conference on YouTube
Lourenco Goncalves CNBC interview about steel tariffs
Cleveland-Cliffs Chairman, President & CEO Lourenco Goncalves visited the CNBC's "Squawk on the Street" studio to discuss steel trade tariffs and strengthening the domestic steel industry in the U.S.. The interview is available on CNBC's YouTube channel.
Watch Interview on YouTube