The U.S. Commerce Department has sent its section 232 “national security” review of the steel industry to President Trump, triggering a 90 day timeframe for him to act on its recommendations. This is one of seven options aside from NAFTA the President has to act decisively on trade in 2018, and so he may act sooner (perhaps before the State of the Union) than later. The President will need to decide whether to act broadly against all steels – potentially hurting allies as well as trade competitors – or to be more focussed. A broad approach won’t make a major difference to the trade defic...