Steel Buyers' Coalition Says Section 232 Steel Tariffs No Longer Needed
The Coalition of American Metal Manufacturers and Users noted that the price of steel in the U.S. continues to climb, and the gap between U.S. prices and European prices is $734 a ton, up $118 in the last two weeks,…
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while Chinese manufacturers pay $1,334/ton less than U.S. buyers. "The domestic steel industry’s capacity-utilization rate is up to 85 percent, far above the U.S. Commerce Department’s announced target of 80 percent that was used as a reason for the Trump Administration imposing the Section 232 steel tariffs in 2018," the coalition said. "U.S. manufacturers desperately need more steel, and one way to increase supply is for the Biden Administration to eliminate the Section 232 tariffs. With domestic steel producers enjoying record profits, it’s clear that this tariff protection is no longer needed.”