In 2017, shortly after President Trump took office, the U.S. Department of Commerce considered imposing tariffs on European steel companies it accused of dumping steel on the U.S. market. An article in the Wall Street Journal quoted Secretary of Commerce Wilbur Ross as asserting, “A healthy steel industry is critical to our economy and manufacturing base, yet our steel industry today is under assault from foreign producers that dump and subsidize their exports.” What is dumping? If the United States imposes tariffs on imports of steel from Europe, briefly explain who is likely to gain and who is likely to lose.