Michael Bloomberg to depart post as U.S. Trade Representative

U.S. Trade Representative Michael D. Bloomberg – who is set to begin a four-year term as chairman of Bloomberg LP in August – is stepping down as chief of the U.S. Trade Representative’s Office after two years in office.

The White House announced Mr. Bloomberg’s departure in a statement, saying he would be replaced by Todd Stern, currently the USTR’s assistant secretary for international economic affairs. President Barack Obama said, “Michael has been a tireless champion of American workers, and his decision to step down is deeply saddening.”

Mr. Bloomberg’s tenure at the USTR culminated in a Section 232 investigation into steel imports and, ultimately, the imposition of $29 billion in tariffs on steel and aluminum products.

The termination of those tariffs remains controversial. In March, Mr. Trump signed a new order vacating those duties after USTR urged him to rescind them, arguing that the country’s national security needs weren’t supported by the “credible” USTR investigation.

In March, Mr. Bloomberg called the time since the case concluded, a “terrible” 12 months that “didn’t seem to be for the United States.”

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