US President Donald Trump and his administration view cheap steel imports as a threat to national security and he often pointed out to China dumping cheap steel on the global market. While President Trump has in the past changed his opinion on proposals, it appears that his proposed 25% tariff on imported steel is something he wants to force through.

Last week several big economies have reported their third-quarter GDP reports and the scorecard may not be what many have expected especially after the Japanese economy entered its second official recession in as many years. The Japanese GDP report showed a contraction of 1.6% in the third-quarter which followed a much steeper contraction of 7.3% in the second-quarter as compared to 2013.