AISI cites new economic report as reason to preserve Section 232 tariffs

Wednesday, 24 March 2021 19:56:13 (GMT+3)   |   San Diego
       

The American Iron and Steel Institute (AISI) said a new report by the Economic Policy Institute (“Why Global Steel Surpluses Warrant US Section 232 Import Measures”) released today reaffirms that the steel tariffs put in place in 2018 have been effective in facilitating significant investments in new and upgraded mills, creating thousands of new jobs and protecting US national security, and that continued global steel overcapacity fueled by foreign government subsidies and other trade-distorting policies and practices threatens additional harm to the American steel industry absent continuation of the tariffs.

Kevin Dempsey, president and CEO of AISI, said, “This study makes it abundantly clear that the steel tariffs are working. We commend the economic analysis conducted by EPI which confirms that, due largely to the Section 232 steel tariffs, the American steel industry has been able to invest nearly 16 billion dollars to build, upgrade or expand steel facilities while also enabling the industry to effectively restructure.”

While these investments have created 3,200 new jobs, Dempsey said, the tariffs “kept many more workers on the job as the industry was threatened by significant challenges from foreign government trade-distorting policies and practices that have created substantial steel overcapacity worldwide. We are pleased that the report also recognizes that those challenges still exist and that keeping the steel tariffs in place is critical until a permanent solution to the chronic problem of excess global steel production capacity is achieved.”


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