Earlier this month, US President Donald Trump signed a memorandum launching an investigation
into whether steel imports pose a threat to his country’s national security.
“Under the most bullish scenario, all steel imports could be blocked,” Seth Rosenfeld, an equity analyst at investment bank Jefferies, wrote in a recent research note.
According to Rosenfeld, the definition of “national security” is vague, but it could be expanded to include non-defence sectors such as energy and infrastructure. And...