During an interview with FOX Business Network’s Maria Bartiromo U.S. Steel CEO Mario Longhi discussed how China is impacting the U.S. steel industry.
“The steel business in general in the United States is under severe attack. Because… China has been dumping material into this country for a long time and what we are seeing right now is a ripple effect because other countries are being recipients of Chinese material and therefore with America remaining the most open country for trade all of that is funneling into the United States primarily,” he said.
Longhi argued trade law creates a disadvantage for U.S. companies.
“What we want is a fair playing field. And if trade is going to really help society to evolve trade has to be done under the rule of law and that’s all that we are looking for,” he said.
He also discussed the Fed’s decision to leave rates unchanged.
“The world continues to be a very convoluted place in general and the weaknesses in emerging markets… are added to the China situation. So I think that a stronger America can make a significant difference in what is going on everywhere else in the world... for too long we [have] been putting emphasis on what the Fed does or doesn’t do and we are forgetting that really what we need are different types of policies that will support growth that will change the overall scenario,” he said.