US President Calls for Probe of Steel ImportsUS President George Bush on Tuesday urged the International Trade Commission (ITC) to investigate whether the country's steel industry has been hurt by unfair imports."We're concerned about unfair trade practices that may be affecting the economics of the steel industry and therefore (I) call upon the International Trade Commission under Section 201 to have a full investigation of the industry, of the imports coming into the United States, to make sure that our industry is not being affected by unfair trade practices," Bush said. He pledged that if there are unfair trade practices in the steel industry, his administration will address them in a very aggressive way. Under Section 201 of the Fair Trade Act of 1974, the ITC would have to determine that the US industry was being seriously harmed by imported steel. The commission could propose remedies, but the administration would have the final say on what protection to implement. The range of sanctions against foreign steel could include stiff tariffs that would make imports prohibitively expensive for steel users. The action represents a major victory for U.S. steel manufacturers and their unions, which for years have sought protection against low-priced imports. But U.S. steel-using industries are likely to oppose the move, which would drive up the cost of steel used in a range of products, from cars to refrigerators. The government reported last week that the country imported 6.2 million metric tons of steel during the first three months of this year, 29 percent lower than the 8.9 million metric tons recorded in the same period last year. |
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