The American Iron and Steel Institute (AISI) said a new report by the Economic Policy Institute reaffirms that the steel tariffs put in place in 2018 have been effective in facilitating significant investments in new and upgraded mills, creating thousands of new jobs and protecting U.S. national security. The report, “Why Global Steel Surpluses Warrant U.S. Section 232 Import Measures,” also showed that continued global steel overcapacity fueled by foreign government subsidies and other trade-distorting policies and practices threatens additional harm to the American steel industry absent continuation of the tariffs.
Kevin Dempsey, president and CEO of AISI, said, “This study makes it abundantly clear that the steel tariffs are working. We commend the economic analysis conducted by EPI, which confirms that, due largely to the Section 232 steel tariffs, the American steel industry has been able to invest nearly $16 billion to build, upgrade or expand steel facilities while also enabling the industry to effectively restructure. While these investments have created 3,200 new jobs, the tariffs kept many more workers on the job as the industry was threatened by significant challenges from foreign government trade-distorting policies and practices that have created substantial steel overcapacity worldwide.”
Click here for the report.