Marion Morrison
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- Feb 10, 2017
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- #81
US Steel Tariffs Against China Are Working: Americans Losing Jobs, Becoming Poorer As A Result
As a result of a Section 201 (“safeguard”) investigation brought at the
behest of the U.S. steel industry, President Bush in March 2002 imposed tariffs
on imports of certain steel products for three years and one day. The tariffs,
combined with other challenges present in the marketplace at the time and in the
months that followed, boosted steel costs to the detriment of American
companies that use steel to produce goods in the United States. The resulting
negative impact included job losses for thousands of American workers.
The Consuming Industries Trade Action Coalition (CITAC) Foundation
requested a formal examination of the impact of higher steel costs on American
steel-consuming industries,1 and in particular, a quantification of employment
losses at those companies. This study employed straight-forward and widelyaccepted
regression analysis using a variety of price and employment data to
maximize the reliability of the results.2 We found that:
• 200,000 Americans lost their jobs to higher steel prices during 2002.
These lost jobs represent approximately $4 billion in lost wages from
February to November 2002.3
• One out of four (50,000) of these job losses occurred in the metal
manufacturing, machinery and equipment and transportation equipment and
parts sectors.
• Job losses escalated steadily over 2002, peaking in November (at 202,000
jobs), and slightly declining to 197,000 jobs in December.4
• More American workers lost their jobs in 2002 to higher steel prices than
the total number employed by the U.S. steel industry itself (187,500
Americans were employed by U.S. steel producers in December 2002).
In 2002, Pittsburgh Steel was just about dead, Unions didn't help,
EPA overregulation didn't either.
Not surprisingly you missed the whole point of the quote. A tariff on steel hurt every industry using steel.
Probably moreso because of Unions than the tariffs themselves.
What you wanna bet Unions called for a bunch of strikes back then?
Did you bother to read the quote or link? Don't like facts?
"combined with other challenges present in the marketplace at the time and in the
months that followed,"
You didn't present any facts. You presented an article with no citations and no proof.
Never take anything at face value.