Philip K. Bell, president of the Steel Manufacturers Association (SMA), testified Tuesday at a public hearing before the US International Trade Commission (USITC) on the impact on the US economy of all trade agreements implemented under trade authorities procedures since January 1, 1984. Other organizations providing testimony at the hearing included the National Association of Manufacturers (NAM), United Automobile, Aerospace and Agricultural Implement Workers of America (UAW), Society of Chemical Manufacturers and Affiliates (SCOMA), and the American Iron and Steel Institute (AISI).
“We believe that the US trade agreements have resulted in lower US import tariffs on most steel products, but they have done nothing to prevent foreign government interventions which have created massive amounts of global steelmaking overcapacity. This is directly harming the US steel industry and its workers,” said Bell.
“Ultimately, we believe that the effectiveness and economic impact of trade agreements should be evaluated based on their ability to promote domestic jobs, competitiveness, and net exports. We urge the Commission to consider free trade agreements in light of these factors, and also urge trade policymakers to focus their attention on ways to improve trade agreements and their enforcements so that they stimulate domestic growth, preserve and create jobs, and protect our steel industry’s fundamental rights,” said Bell.
The US ITC initiated the investigation as required by section 105(f)(2) of the Bipartisan Congressional Trade Priorities and Accountability Act of 2015, and will submit a report to the US House of Representatives Committee on Ways and Means and the US Senate Committee on Finance by June 29, 2016. The report will cover the Uruguay Round Agreements, the North American Free Trade Agreement, and US free trade agreements with Australia, Bahrain, Canada, Chile, Colombia, the Dominican Republic, Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua, Israel, Jordan, Korea, Morocco, Oman, Panama, Peru, and Singapore.