US Senate rejects trade bill

US Senate rejects trade bill

David Phelps, president of the American Institute for International Steel (AIIS), reportedly told attendees of the Association of Steel Distributors' fall meeting in Las Vegas that a Senate bill that would have prohibited using existing trade laws as bargaining chips in international negotiations, was soundly rejected late last month. Introduced by Senator Byron L. Dorgan (a Democrat from North Dakota), this bill would have prevented any changes to the existing trade laws and would have rendered World Trade Organization (WTO) negotiations, the so-called “Doha round” in process right now, completely futile. Free trade, especially for steel-related items, is essential for the economic wellbeing of nearly all WTO member countries, so a successful outcome of the Doha Round is of great importance. That is why the U.S. Senate's rejection of Mr. Dorgan's bill bodes well for the future.