US Steel Industry Urge Mr Biden to Keep Steel Tariffs in Place
Seven of the leading groups representing the US steel industry and labour have urged President Joe Biden to ensure steel tariffs, put in place in 2018 to protect national security, are preserved. The American Iron and Steel Institute, United Steelworkers union, Steel Manufacturers Association, The Committee on Pipe and Tube Imports, Specialty Steel Industry of North America, American Institute of Steel Construction and Alliance for American Manufacturing wrote to US President Mr Joe Biden stating “Eliminating the steel tariffs now would undermine the viability of the American steel industry. Opponents of the steel tariffs argue that they should be eliminated to increase supply, given the current environment of rising prices and long lead times. This ignores the fact that the COVID-19 pandemic has posed unprecedented, but temporary, challenges to global supply chains in many industries, including lumber, semiconductors, concrete, agricultural products and cleaning products, as manufacturers respond to rapid and unpredictable shifts in customer demand and logistical difficulties. The same is true for steel.”
The groups noted that domestic steel supply is responding to market signals.” Steel production has increased by more than 50% in the last year and steel mill employment has increased by nearly 3,000 since September. The groups also stated that, since the tariffs took effect, American steel producers have announced plans to invest more than USD 15.7 billion in new or upgraded facilities.