Latest EPI Report Reasserts Need to Preserve Steel Tariffs

SEATTLE (Scrap Monster): The American Iron and Steel Institute (AISI) said that the new report by the Economic Policy Institute (EPI) reaffirms the need to preserve steel tariffs implemented in 2018.

According to AISI, the tariffs have been instrumental in facilitating significant investments in new and upgraded mills, thereby creating thousands of new jobs. The absence of tariffs could lead to global steel overcapacity, mainly driven by foreign government subsidies and other trade-distorting policies. This in turn could threaten additional harm to the American steel industry and its national security.

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Kevin Dempsey, president and CEO, AISI stated that the EPI report underlines the fact that steel tariffs are really working. The domestic steel industry has attracted investment of nearly 16 billion dollars in building new facilities or expanding and upgrading existing facilities. In addition to saving thousands of existing jobs, a total of around 3,200 new jobs have been created.

AISI welcomed the EPI recommendation to keep the steel tariffs in place until a permanent solution is achieved for the chronic excess global steel production capacity problem. It urged policy makers to have thorough reading of the new EPI report and ensure that steel tariffs remain in place.