We praise the Senate's decision to defeat this bill, which would have imposed quotas on steel imports.
Free trade is essential to the U.S. manufacturing sector.
Without it, domestic manufacturers lose their ability to operate effectively, and those effects are passed right down the line. The bill, which was overwhelmingly passed by the House in March, would impose monthly quotas on steel shipments, and roll imports of steel back to the average monthly level of the 36 months ending with June 1997. Had this bill passed, we would have seen stainless steel shortages and far higher prices for our entire industry. During his presentation, Belot emphasized that restricting free trade would mean lost jobs and productivity within steel-using industries. While the quota bill is dead, other trade legislation is likely to emerge.