(Nick Timiraos – Wall Street Journal)
Nearly every living former chair of the White House Council of Economic Advisers is urging President Donald Trump not to impose new steel import curbs in the name of national security, in a letter to be sent to the White House on Wednesday.
The Trump administration has been examining the use of steel tariffs, duties or quotas under Section 232 of a 1962 trade law that gives presidents the power to block imports that are determined to threaten national security. The White House had been prepared to review options for implementing the law by the end of June, with action expected soon.
Signatories include every living former CEA chair except for Janet Yellen, who is chairwoman of the Federal Reserve and wasn’t asked to participate. In the letter, some 15 economists who advised past presidents of both parties warn that tariffs “would likely do harm” to U.S. relations with major allies that are top sources of steel imports, including Canada, Brazil, South Korea and Mexico. Click here to read more.