We are here because the policy of this Administration on international finance and trade is contributing to a crisis for American workers and industries. Most of the rest of the world is experience a severe recession, if not depression. Many of these countries have witnessed a dramatic devaluation of their currencies, which makes their products very cheap when sold in the United States.
Steel is a case in point.
Even if the Department of Commerce and the International Trade Commission had not made preliminary determinations that foreign nations were illegally dumping steel in the U.S., foreign steel would still underprice American steel because of the devalued currencies of those nations. This is why Section 201 and 301 trade cases are important but not adequate. Cheap foreign steel will continue to underprice and take away market share from American steel companies and American steel workers. As this process continues, it is reflected statistically in a growing trade deficit. In other words, the centerpiece of the Administration's policy is to widen the U.S. trade deficit.