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The U.S. International Trade Commission ruled Friday that it will continue investigating imports of aluminum foil from China, which the U.S. industry claims are causing material injury to the domestic industry.

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President Trump has ordered Commerce Secretary Wilbur Ross to hasten the department's Section 232 investigation into the national security implications of steel imports, which Ross said can be completed within the 270-day time line laid out in Section 232 of the Trade Expansion Act.

Trade analysts and attorneys contend that the new element added to the Treasury Department's semiannual Foreign Exchange Rate Report -- for the first time targeting countries with disproportionate shares of the U.S. trade deficit -- could be seen as a warning shot across China's bow but doesn't have a significant immediate impact.

If the U.S. International Trade Commission rules in U.S. Steel's favor against Chinese steel manufacturers -- by agreeing that antitrust injury requirements don't need to be demonstrated under section 337 of the Tariff Act -- the implications would extend well beyond antitrust law, according to David Hickerson, partner at Foley & Lardner.

The United States, along with Canada and the European Union, have renewed their call for World Trade Organization members to assist other international bodies in tackling overcapacity while making the case that subsidies that create and maintain excess capacity can be more harmful than prohibited export subsidies.

Senate Minority Leader Charles Schumer (D-NY) ripped into President Trump for failing to wring meaningful concessions and concrete commitments out of Chinese President Xi Jinping during their meeting last week, claiming Trump left the “golden opportunity” meeting “empty handed.”