The American Metals Supply Chain Institute (AMSCI) is calling on President Joe Biden to eliminate section 232 tariffs on steel and aluminum to reduce domestic costs and boost employment in the U.S. metals supply chain. Fastmarkets reports in a recent article.
Decentralized global steel market needs alternative measures
The U.S. steel and aluminum industries have benefited from a variety of protectionist measures that have outlived their usefulness, AMSCI Chairman John Foster said in a letter to Biden dated Monday, Feb. 1. He added that in today’s decentralized global marketplace, such measures “create more economic animus, confusion and costly bureaucratic micromanagement of the economy” than benefit.
“Tariffs are a policy to protect a few at the expense of many,” Foster told Fastmarkets.
Read also:
- Quo vadis Europe? USA already recording growth in 2020 again
- Eurometal calls on EU to “take care of steel consumers”
- EU files WTO request against Indonesian export restrictions on stainless steel raw materials
Section 232 with 25% tariffs on steel imports.
President Donald Trump’s previous administration imposed Section 232 tariffs and quotas in 2018, which included 25% tariffs on steel imports and 10% on aluminum imports. Some countries, such as South Korea and Brazil, were exempted from the tariffs and are instead subject to quotas.
Opposition by domestic steel producers
But many domestic steel producers and the United Steelworkers union do not share AMSCI’s views.
The USW, as well as the Steel Manufacturers Association, the American Iron and Steel Institute (AISI), the Committee on Pipe and Tube Imports and the American Institute of Steel Construction, have urged the Biden administration to maintain Section 232 steel tariffs and quotas, and last month cheered Biden’s executive order strengthening the “Buy America” laws.
Source: fastmarktes.com
Steelnews.biz constantly searches the Internet for important, interesting and informative news.
Are you missing an information, do you have a question or are you interested that we refer to a certain article or press release of Steelnews.biz? Then simply contact us now.
We always try to refer to the correct source of a news item.
Disclaimer: Many things here represent our opinion. Others are information from the Internet. We can therefore never claim to be correct or complete. And never base a business decision solely on the news you receive from us.
