September 08, 2008

US equipment group urges for scrapping trade barriers on steel import

It is reported that the Motor and Equipment Manufacturers Association is urging the US federal government to abolish duties on imported steel, citing the continued hardships the tariffs place on the US motor vehicle industry.

Ms Ann Wilson VP of Motor and Equipment Manufacturers Association said that "Tariffs on imported steel have already cost this industry tens of thousands of jobs. The tariffs drive up costs and reduce the availability of steel used by the industry. The steel industry has moved to great profitability and it is time for these tariffs to be lifted."

In late July 2007 the US International Trade Commission conducted 5 year sunset reviews of tariffs on hot rolled carbon steel flat products. The ITC is expected to render a decision on the duties in October 2007.