The U.S. Steel Market Needs Free Trade, Not Favoritism
Several countries, most notably China, are producing large amounts of steel while the global economy is experiencing low growth rates. The result is a steel surplus, driving down the global price of steel. U.S. steel producers are arguing for immediate action by the federal government to combat alleged unfairly priced imports. The government does have the option of implementing tariffs in this case, but special interest tariffs on steel negatively affect other domestic industries that rely on steel as a means of production. Ultimately, American consumers would bear the cost of these tariffs when they purchased any finished goods made from steel.