They build and provide to a wide range of industries the tools of manufacturing technology including cutting, grinding, forming and assembly machines, as well as inspection and measuring machines, and automated manufacturing systems. Everything in this hearing room, except for the people, was either made by a machine tool or made by a machine made by a machine tool. Several years ago, the Reagan and Bush Administrations, responding to strong encouragement of over 250 Members of Congress, provided temporary import relief for our industry, based on the threat posed to our national security from Asian machine tool imports. They did so because of their recognition that a strong machine tool industry is vital to America's military and economic security. Our industry is very cyclical.
Imports represent about half of domestic consumption.
If, as we believe, successful competition in the global marketplace is the key to a strong and healthy economy, then we need U.S. policies that reflect that goal. I think most would agree that our current business tax policy is inconsistent with that goal. America urgently needs a tax system rebuilt from the ground up around a new set of design principles to compete and win in world markets. Your colleague, Cong. Its enactment would, for the first time, truly level the international playing field for U.S. companies in world markets, including the United States.