Trump trade war

Steel industry faces strike threat despite tariff-driven rebound

A man using an angle grinder on steel.
A man uses an angle grinder on a steel piece in New York. Photo: Waring Abbott/Getty Images

Thousands of U.S. steelworkers from two major U.S. production companies that represent 25% of U.S. steel production have voted to authorize the right for a strike within two days' notice, the Washington Post reports.

The big picture: The steel industry has benefitted from President Trump's tariffs designed to target Chinese steel oversupply with the prices of some key industry metrics jumping 30%. But workers at U.S. Steel and ArcelorMittal have not seen the benefits of their industry's recovery — and still face rising health care costs and stagnant wages.

China-U.S. trade war gets real for gas

A vessel from the US Sabine Pass LNG plant arrives at Tianjin LNG port in China last year. Photo:
VCG/Contributor/Getty Images

China yesterday said it's hitting U.S. liquefied natural gas shipments with 10% tariffs, part of their retaliation against Trump's announcement this week of $200 billion in tariffs on Chinese goods.

Why it matters: China, which has a large and growing thirst for gas imports, has been an emerging growth market for the expanding U.S. LNG industry (though cargoes to China have fallen of late).