President Trump has launched a Section 232 investigation into whether imports of steel and aluminium products into the United States poses a threat to national security. While this is primarily a political action aimed at restoring industrial output (putting America first), it has many wrinkles and could end up hurting dry bulk shipping. The initial talk was that a report could be ready as early as June but delays suggest that some issues are proving to be more problematic. We limit our commentary this week to steel. Aluminium is another story.