Higher steel costs for U.S. manufacturers and a drop in high-value exports are a potential outcome of an executive order by President Donald Trump to abandon the Trans-Pacific Partnership (TPP) trade pact, said consultancy Wood Mackenzie.
“Surprisingly despite the headlines, the reversal of this policy is not an entirely positive outcome for the U.S. steel industry,” analysts wrote in a note released on Jan. 26.
Trump said the decision was aimed at keeping jobs in the U.S., but Wood Mackenzie noted the country has gained more from its steel exports than what it spent on imports.
