Pryor urges extension of steel tariffs

by Aaron Sadler, Stephens Washington Bureau: Sen. Mark Pryor (D-AR) urged renewal of tariffs on steel imports from China and other countries Tuesday, concerned that easing the trade barrier may cost Arkansas jobs. . . . Pryor testified before the U.S. International Trade Comm., . . . Pryor said American companies would be unable to invest in employees and technology without the tariffs."It's unfair and damaging when they are forced to compete against foreign steel producers who receive massive subsidies or those who engage in unfair trade practices." The domestic steel industry reported . . . that Chinese producers have received more than $52 billion in government assistance. Steel mills in Arkansas are located in Newport, Magnolia, Armorel, Fort Smith, Little Rock and Pine Bluff.

Tariffs in general are bad news economically, said Kathy Deck of the Center for Business and Economic Research at the Univ. of Arkansas. Deck said a better approach for the U.S. government would be to put political pressure on China and other countries to end subsidies to steel producers. . . . "In general, tariffs are bad because they protect one group at the expense of another," Deck said. "In this case, producers at the expense of consumers. There are many more consumers in Arkansas than producers." However, given that China is said to subsidize its producers, she said she understood why American manufacturers "get up in arms." . . . [Read More]

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Tags: Mark Pryor, steel industry, tariffs