Category: Press Releases and Statements

ACSAT Urges Commerce to Revise Regulations Governing the 232 Tariffs Exclusion Process

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Washington D.C. – The National Foreign Trade Council (NFTC) today submitted comments to the Department of Commerce on behalf of the Alliance for Competitive Steel and Aluminum Trade (ACSAT). The comments highlight numerous issues with the process to apply for exclusions from the Section 232 tariffs on steel and aluminum. 
 
ACSAT represents a broad cross-section of industries that produce intermediate and finished goods containing steel and aluminum, as well as a wide range of manufacturers and farmers who are suffering from the direct and indirect consequences of these unilateral tariffs on steel and aluminum. In submitting these comments, the Alliance is supported by 48 trade associations covering a wide variety of industry sectors.
 
“We strongly believe that tariffs are not the right way to address global overcapacity in steel and aluminum created by China’s unfair trade practices. We believe instead that the U.S. should work within the existing global framework of trade rules to address these practices,” said Rufus Yerxa, President of the NFTC. “Businesses all across the country have been gravely affected by these tariffs, and the cumbersome and inefficient exclusion process is only making matters worse. The process is confusing and costly, and it is disproportionately affecting small and medium-sized manufacturers all over the country who do not have the expertise or resources to effectively participate in the process.”
 
In the comments, ACSAT addresses a number of deficiencies in the regulations that Commerce is using to govern the exclusion request process. Specifically, ACSAT criticizes Commerce for not allowing trade associations to file an exclusion request on behalf of their members and to not approve exclusions that can apply to all users of a product. Through the comments, ACSAT also question Commerce’s need for separate request filings for products which have only minor variations, such as width or length differences. Finally, they question why Commerce has not developed a way for companies to protect from public disclosure business confidential information which may be relevant to a product exclusion request. Such information is routinely protected from public disclosure in other Commerce Department administrative trade proceedings. 
 
The deficiencies in the product exclusion request process are negatively impacting U.S. manufacturers and their ability to obtain product exclusions in a timely and efficient manner. The Alliance urges Commerce to revise the regulations governing this process to ensure that U.S. companies can obtain the relief they deserve in this challenging trade environment.
 
To read the full comments, click here. 
 
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About the NFTC

Serving America’s Global Businesses Since 1914– The National Foreign Trade Council (www.nftc.org) is a leading business organization advocating an open, rules- based global trading system. Founded in 1914 by a broad-based group of American companies, the NFTC now serves hundreds of member companies through its offices in Washington and New York.
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NFTC President Testifies in Section 301 Hearing

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Washington D.C. – Following his testimony in front of the Section 301 Committee on the Administration’s proposed action pursuant to the United States Trade Representative’s (USTR) Section 301 investigation of China, National Foreign Trade Council (NFTC) President Rufus Yerxa today issued the following statement:

“During today’s hearing we reiterated the importance for U.S. business and consumers of finding a strategy that forces China to abandon its problematic trade practices. However, imposing tariffs under Section 301 is not the answer. 

“Section 301 was designed to be used a means to an end, not as an end in its own right, and it must be used as part of a carefully orchestrated, deliberate and defensible effort to dissuade other countries from engaging in unfair behavior. For this to work effectively, the Administration must focus its efforts on working with our key trading partners around the world and using all aspects of bilateral and multilateral diplomacy to mobilize global support for lasting change in China.” 

To read the full testimony, click here.    

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About the NFTC

Serving America’s Global Businesses Since 1914– The National Foreign Trade Council (www.nftc.org) is a leading business organization advocating an open, rules- based global trading system. Founded in 1914 by a broad-based group of American companies, the NFTC now serves hundreds of member companies through its offices in Washington and New York.
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NFTC Outlines Impact of Tariffs on Chinese Imports on U.S. Business and Consumers

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Washington D.C. – The National Foreign Trade Council (NFTC) today submitted comments to the Office of the United States Trade Representative (USTR) on the impact to U.S. business and consumers of proposed tariffs on Chinese imports resulting from USTR’s Section 301 investigation.

“There is no denying that China engages in discriminatory trade practices, and our member companies fully recognize this fact,” said NFTC President Rufus Yerxa upon submission of the comments. “China must change these practices if it wants to sustain a durable trade and investment relationship with the United States and other major economies.”

“Premature unilateral tariffs on Chinese exports are a bad idea for the U.S. economy” Yerxa continued. “Not only will these tariffs fail to address the problems that our companies encounter when doing business in China, but they will further alienate our allies and raise costs for U.S. businesses and consumers. Instead, we need to work with our closest trading partners to bring about meaningful, and more importantly permanent, changes to China’s problematic trade practices. Only a sustained global effort based on American principles of fairness and respect for rules will succeed in influencing China’s policies.”
 
To read NFTC’s comments, click here.
 
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About the NFTC

Serving America’s Global Businesses Since 1914– The National Foreign Trade Council (www.nftc.org) is a leading business organization advocating an open, rules- based global trading system. Founded in 1914 by a broad-based group of American companies, the NFTC now serves hundreds of member companies through its offices in Washington and New York.
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Tax Reform Sparks Hopes, Questions for Executives in 12th Annual Tax Policy Forecast Survey by Miller & Chevalier and the National Foreign Trade Council

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Executives welcome legislation’s impact on competitiveness, but request clarity

Washington, DC, April 16, 2018 – Just months after passage of the first comprehensive tax reform law enacted in more than 30 years, tax executives are optimistic about the effect of the Tax Cuts and Jobs Act of 2017 (TCJA) on their businesses. But they believe more work remains to be done, and most respondents intend to request regulatory guidance or technical corrections to the law, according to results of the 2018 Tax Policy Forecast Survey, published today by Miller & Chevalier Chartered and the National Foreign Trade Council (NFTC).

 
Cover of 2018 Tax Policy Forecast Survey – Click for Report   Thumbnail of 2018 Tax Policy Forecast Survey Infographic
Click Images to View Full Report and Infographic
 
Respondents are nearly unanimous in their belief that the TCJA will improve the standing of U.S. businesses on the global stage. In addition to increased competitiveness of U.S.-based businesses, industry leaders overwhelmingly expect that the U.S. will become more attractive for foreign direct investment. The reduced corporate tax rate post-TCJA has moved the U.S. from the highest rate among large economies to a much more competitive position, increasing the attractiveness of the U.S. economy for businesses in search of investment opportunities.
 
“For years, respondents told us that one of the main goals of tax reform would be to address the high statutory U.S. tax rate – and last year’s legislation did that,” said Miller & Chevalier Chair Marc Gerson, former majority tax counsel to the House of Representatives Committee on Ways and Means. “However, our respondents also recognize that administrative guidance, technical corrections, and other mechanisms are needed to provide certainty to taxpayers, and it’s unclear in the current regulatory and administrative environment when we’ll see this necessary clarification.”
 
Respondents lack consensus regarding which parts of the new legislation most need attention, though most share the common TCJA concern that Congress will not be able to pass a technical corrections bill in a timely manner. Unlike the TCJA, technical corrections cannot be enacted using reconciliation measures, so a bipartisan vote will be required to enact a technical corrections bill. The political environment, coupled with the upcoming midterm elections, makes the prospects for such bipartisan legislative action challenging.
 
Respondents also believe that other legislative matters, including those in the headlines and outlined during the Presidential campaign, such as an infrastructure spending package and immigration reform, will dominate the agenda of President Donald Trump – the individual whom respondents think will have the most significant impact on tax policy in 2018.
 
“Respondents have historically viewed Congressional leaders as the individuals who would most heavily influence tax policy,” said Cathy Schultz, National Foreign Trade Council Vice President for Tax Policy. “Ranking President Trump as the most influential in this year’s survey shows that respondents understand the importance of the TCJA’s implementation to the President, though they also recognize that there are other agenda items that may dominate his attention.”
 
Survey Highlights

  • Respondents still seem to be weighing the TCJA’s impact and are approaching the changes from a wide swath of perspectives. For example, while 59 percent of executives believe the TCJA’s dramatic corporate rate reduction from 35 percent to 21 percent will decrease their taxes, one-third say the new law will have no impact or will actually raise their taxes.
  • 73 percent of respondents plan to seek regulatory or other administrative guidance with respect to the TCJA, and 61 percent will seek technical corrections to the law. However, 43 percent of respondents are concerned that Congress won’t be able to effectively enact such technical corrections in a timely manner, and another 23 percent worry about the TCJA’s ability to endure following the 2018 and 2020 elections.
  • 59 percent of executives believe an infrastructure spending package will be enacted this year, and 46 percent believe we will see immigration reform – the latter even though Congress held several failed votes on immigration over the survey’s open period. Both topics are hot-button issues that will require significant Administration focus to advance.
  • There is lack of consensus among respondents regarding which provision in the TCJA is in greatest need of guidance. Executives are almost equally divided between wanting guidance regarding the global intangible low-taxed income (GILTI) rules (17 percent), the base erosion and anti-abuse tax (BEAT) (16 percent), the pass-through deduction for qualified business income (16 percent), and the limitation on the deduction of business interest expense (15 percent).
A full copy of the survey results and analysis is available here. A link to the survey results infographic is available here.
 
About Miller & Chevalier
Founded in 1920, Miller & Chevalier is a Washington, DC law firm with a global perspective and leading practices in Tax, Litigation, International Law, Employee Benefits (including ERISA), White Collar Defense and Internal Investigations, and Government Affairs. Miller & Chevalier is a top-ranked firm sharply focused on targeted areas that interact with the federal government. Over the past three years, the firm’s lawyers have represented more than 40 percent of the Fortune 100, one-quarter of the Fortune 500, and approximately 30 percent of the Global 100. Based in Washington, DC, a significant number of firm lawyers have held senior positions in the U.S. government and have written many of the regulations they currently help clients navigate. For more information on the firm, visit www.millerchevalier.com.
 
About the National Foreign Trade Council
The National Foreign Trade Council (www.nftc.org) is a leading business organization advocating a rules-based world economy. Founded in 1914 by a group of American companies that supported an open world trading system, the NFTC and its affiliates now serve more than 300 member companies through offices in Washington, DC, and New York.
 
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CONTACTS:
 
Marc Gerson, Chair, Miller & Chevalier, 202.626.1475
Catherine Schultz, Vice President for Tax Policy, National Foreign Trade Council, 202.887.0278, ext. 104
Megan Duero, Media Relations, Greentarget, 312.253.7293

NFTC Statement on Tariffs on Imports from China

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Washington D.C. – National Foreign Trade Council (NFTC) President Rufus Yerxa today issued the following statement regarding the President’s decision to implement tariffs on imports from China resulting from a section 301 investigation initiated in August 2017:
 
“While we share many of USTR’s conclusions about the multitude of Chinese practices that are discriminatory and highly damaging to U.S. companies and technologies, we want USTR to focus on actions that will force China to address our concerns rather than to engage in an escalating conflict. The most important step right now is to get buy-in from key trading partners—Europe, Japan and others—to our indictment of China’s behavior. We should then coordinate with them in ramping up pressure on China. 

“In implementing a joint strategy with our trading partners, selective use of trade and investment tools may end up in the mix. But premature, unilateral resort to high tariffs on a wide range of consumer products at the outset will do more harm than good. It will lessen support from our allies, encourage retaliation against sectors like agriculture and actually make it harder for U.S. businesses to compete in China.

“We urge the Administration to build international support for a real effort to confront China’s policies.” 
 
To read NFTC’s letter to the Chairmen and Ranking Members of the Senate Finance and House Ways and Means Committee, click here. 
 
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About the NFTC

Serving America’s Global Businesses Since 1914– The National Foreign Trade Council (www.nftc.org) is a leading business organization advocating an open, rules- based global trading system. Founded in 1914 by a broad-based group of American companies, the NFTC now serves hundreds of member companies through its offices in Washington and New York.
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NFTC Weighs In On China 301 Investigation

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In letter, NFTC President asks Congress to urge the Administration to take a measured approach in its Section 301 Investigation on China. 
 
Washington D.C. – The National Foreign Trade Council (NFTC) today asked Congressional leaders to urge the Administration to take a measured, multilateral approach to deal with China’s discriminatory trade practices. 
 
In a letter, sent earlier today to the Chairmen and ranking members of the House Ways and Means and Senate Finance Committees, NFTC President Rufus Yerxa outlined his membership’s agreement with the Administration’s proposed findings that China is imposing unreasonable and discriminatory restrictions on U.S. businesses, but raised major concerns about premature imposition of unilateral tariffs on a wide array of imports from China, as apparently contemplated by USTR. 
 
The letter suggests that use of unilateral actions before outlining the specific actions demanded of China and engaging in a period of real negotiations would be contrary to historical use of Section 301. NFTC companies believe this course of action would enable other countries to gain advantages in the Chinese market and make U.S. companies less competitive in the global economy, all without dealing with China’s problematic approach to technology transfer, intellectual property and innovation.
 
“I think The Administration has not really sought much business input before deciding its likely actions,” Yerxa noted, “so my members felt a need to raise a warning flag with Congress prior to this week’s hearings.”
 
Full text of the letter:
 
March 20, 2018
 
Senator Orrin Hatch 
Chairman
Committee on Finance
United States Senate
219 Dirksen Senate Office Building
Washington, DC 20510
 
Senator Ron Wyden
Ranking Member
Committee on Finance
United States Senate
221 Dirksen Senate Office Building
Washington, DC 20510
 
The Honorable Kevin Brady
Chairman
Committee on Ways of Means
United States House of Representatives
1102 Longworth House Office Building 
Washington, DC 20515
 
The Honorable Richard Neal
Ranking Member
Committee on Ways of Means
United States House of Representatives
341 Cannon House Office Building
Washington, DC 20515
 
Dear Chairmen and Ranking Members:
 
As your committees prepare to conduct hearings this week on the trade policy agenda, we would like to share with you our organization’s views about the Administration’s Section 301 investigation into China’s acts, policies and practices related to technology transfer, intellectual property and innovation.
 
NFTC member companies have significant concerns about China’s growing use of trade and investment policies, including those designed to promote “indigenous technologies.” These practices deny national treatment and create discriminatory burdens that are unreasonable for American companies, innovators and workers.
 
While NFTC supports efforts to investigate and address these discriminatory practices, the Council and its member companies are interested in a strong, multi-pronged effort aimed at improving the ability of U.S. companies to compete in China rather than making things worse. Our observations are directed at this fundamental goal.
 
The overall focus of the Section 301 investigation should be to bring China to the negotiating table for a meaningful resolution of specific, sector-by-sector issues with the ultimate goal of removing the offending practices and policies. Premature, unilateral sanctions alone are unlikely to achieve this objective. It is critical that the United States work with our allies and major trading partners to identify and outline the specific actions we seek from China, and to devise a strategy to increase pressure in order to guarantee all of our exporters and investors fair treatment in these areas. Multilateral pressure and a consensus with our allies will be key to maximizing leverage over China’s practices.
 
The Council is particularly concerned with reports that the Administration is considering immediate imposition of tariffs on up to 100 categories of products including consumer electronics, toys, IT products, furniture and sporting goods, as a potential remedy prior to any coordinated negotiating effort. This runs contrary to the long history of successful use of Section 301 as a carefully managed device to obtain foreign compliance rather than a pretext for import protection. 
 
Unilateral imposition of tariffs prior to any meaningful negotiations with China will raise charges that the U.S. has ignored its WTO commitments and will turn the focus from China’s unjust behavior to the legitimacy of our own action. This will, in turn, alienate many of the trading partners we are relying upon to support our cause and may embolden China to resist our efforts. It will provoke retaliation by China against major U.S. exports, causing significant harm to key U.S. industries and agricultural interests and increasing the likelihood that competitors from Europe, Japan and elsewhere supplant American businesses, innovators and farmers as suppliers in China’s market. 
 
Higher tariffs on a broad range of consumer goods will increase the shopping bill for all Americans, while tariffs on components will harm U.S. productivity in all sectors and U.S. manufacturing exports by making it more expensive and challenging to procure key inputs. At a time when the U.S. economy is enjoying a resurgence thanks to tax and regulatory reform, these tariffs run the risk of stifling our own growth while making our exporters less competitive in the global economy. In combination with the tariff increases already announced on steel and aluminum, these additional taxes will be even more harmful to domestic manufacturers. 
 
Finally, it is reported that the Administration is also considering measures to impose “reciprocal investment restrictions” on Chinese investors in the United States as part of its response under Section 301. Efforts to develop new investment restrictions on China should be the subject of extensive consultations with U.S. companies, as it is vital to consider existing U.S. investment interests that could be adversely affected if the matter is not handled appropriately. Furthermore, as with other possible Section 301 remedies, proposed investment restrictions should not be imposed immediately, but should be used as leverage to obtain the far more desirable goal of fundamental changes in China’s investment and IP regimes.
 
We urge your committees to impress upon USTR the importance of a strategy to address Chinese policies and practices in a manner that will achieve maximum benefits for U.S. trade and investment interests and avoid unintended effects that may cause greater harm than good to U.S. economic interests.
 
Sincerely,
 
Rufus Yerxa
President

To download the full text of the letter, click here.  

 
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About the NFTC

Serving America’s Global Businesses Since 1914– The National Foreign Trade Council (www.nftc.org) is a leading business organization advocating an open, rules- based global trading system. Founded in 1914 by a broad-based group of American companies, the NFTC now serves hundreds of member companies through its offices in Washington and New York.
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NFTC Announces Formation of Alliance for Competitive Steel and Aluminum Trade

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Washington D.C. – The National Foreign Trade Council (NFTC) today announced the formation of the Alliance for Competitive Steel and Aluminum Trade, a group of concerned downstream users of steel and aluminum and competitive U.S. exporters.

The Alliance, whose membership includes over 30 sectoral associations representing a vast cross-section of American manufacturers and farmers, will meet with members of Congress and the Administration to express their concern about the downstream effects of the proposed tariffs on imports of steel and aluminum announced by President Trump last week and the potential for foreign retaliation against the President’s action.

“Our alliance represents some of the most competitive industries in the U.S. economy, and we are deeply concerned about the effects that these tariffs will have on industries and companies that use steel and aluminum,” said Rufus Yerxa, President of the National Foreign Trade Council. “We are also concerned about the retaliation against America’s most competitive exporters. This ‘double whammy’ of higher prices to our domestic producers and retaliation against our exporters will endanger tens of thousands of quality American jobs.”

In a policy paper also released today, the Alliance outlined the member’s concerns regarding the proposed tariffs, including the following:

  • Damage to downstream users and American consumers;
  • Damage to U.S. exports; and
  • Damage to U.S. economic growth.



To read the full text of the policy paper, as well as the full membership of the Alliance, click here.

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About the NFTC

Serving America’s Global Businesses Since 1914– The National Foreign Trade Council (www.nftc.org) is a leading business organization advocating an open, rules- based global trading system. Founded in 1914 by a broad-based group of American companies, the NFTC now serves hundreds of member companies through its offices in Washington and New York.
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NFTC Statement on Steel and Aluminum Tariffs

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Washington D.C. – National Foreign Trade Council (NFTC) President Rufus Yerxa today issued the following statement regarding the President’s decision to implement tariffs on imports of steel and aluminum:

“The many manufacturing and exporting companies of NFTC are gravely concerned by today’s announcement.

“These are massive tariff hikes and they are going to raise costs for many of our world class industries like autos, machinery and equipment, oil and gas, and construction. These are all huge sectors of the economy, and the negative impacts on them will surely outweigh any benefits to the steel and aluminum industries.

“In addition, the use of a sweeping national security justification will lead many countries to retaliate against our most competitive exporters and will undermine our legitimacy in the WTO, NATO, and other global alliances. Other countries will retaliate to defend their ‘national security’ whether on agriculture, computers or airplanes.

“Finally, imposing massive new costs on American industry and the American taxpayer will negate the positive benefits from the recent tax cuts and regulatory reform. This is not the way to solve the structural problems that the steel and aluminum industries face.”

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About the NFTC

Serving America’s Global Businesses Since 1914– The National Foreign Trade Council (www.nftc.org) is a leading business organization advocating an open, rules- based global trading system. Founded in 1914 by a broad-based group of American companies, the NFTC now serves hundreds of member companies through its offices in Washington and New York.
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NFTC Among Leading Industry Groups Urging Administration to Consider Effects of Import Restrictions on Steel and Aluminum

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In letter, leading industry groups urge the Administration to consider downstream effects of implementing tariffs or quotas on imports of steel and aluminum.

Washington D.C. – The National Foreign Trade Council (NFTC) today joined other leading industry associations in urging the Administration to consider the downstream effects of instituting broad tariffs on imports of steel and aluminum in an attempt to curb global overcapacity.

The letter, signed by a broad sector of steel and aluminum consuming industry groups, highlights the concerns of U.S. manufacturers, exporters, and farmers, about the likely adverse effects of this relief on their industries. “After reviewing the Reports, our industries are worried that all of the remedies recommended are overly-broad and will have severe detrimental impact on downstream users of steel and aluminum.”

Rufus Yerxa, President of the NFTC, added “We hope the President will weigh the adverse impact of these onerous restrictions on many downstream industries and will instead look for other ways of addressing concerns about global overcapacity in these sectors.”

Among the concerns cited in the letter are:

  • Increasing costs of steel and aluminum will injure U.S.-based users of these products, leading to the loss of thousands of American jobs.
  • Actions of this type will inevitably lead to retaliatory actions affecting U.S. manufacturers, farmers, and commodity exports, by our trading partners.
  • Implementing broad import restrictions on steel and aluminum will serve as a drag on overall economic growth and risk the benefits of the Administration’s tax reform and regulatory agenda.


Full text of the letter:

February 27, 2018

The President
The White House
1600 Pennsylvania Avenue, NW
Washington, DC 20500

Dear Mr. President: As representatives of thousands of businesses across the United States, we are concerned with the recently released reports by the Department of Commerce entitled “The Effects of Imports of Steel on the National Security” and “The Effects of Imports of Aluminum on the National Security” (collectively, the Reports).

After reviewing the Reports, our industries are worried that all of the remedies recommended are overly-broad and will have severe detrimental impact on downstream users of steel and aluminum. We understand your goal of supporting these two important sectors of our domestic manufacturing base. However, it is our belief that global tariffs and quotas on imports of these products will injure the purchasers of these products and will lead to the loss of thousands of American jobs. Trade restrictions of this nature and magnitude will therefore lead to more downstream steel and aluminum-containing products being imported into the U.S. Historical and current data shows that the remedies prescribed in the Reports will significantly raise input costs for industries that use these products. Further, as steel and aluminum costs continue to rise and availability decreases, it will impede the ability of downstream manufacturers and the suppliers and retailers reliant upon them to reinvest in innovation and their workforce. Finally, actions of this type will inevitably result in trade retaliation by our trading partners, and such retaliation will likely target U.S. exports abroad, including manufacturers, agricultural and commodity exporters and even our services industries. Thank you for your efforts to support manufacturing in America. The U.S. economy is starting to see the benefits of the Administration’s tax reform and regulatory agenda. However, we believe that all options provided in the Reports will significantly curtail job growth for downstream users, which are cumulatively far larger in terms of employment than steel and aluminum. Such trade measures will serve as a drag on overall U.S. economic growth and far outweigh any benefit to steel and aluminum producers.

We urge you instead to look for better solutions to legitimate concerns about global trade in these products that will benefit both producers and users. Sincerely,

Air-Conditioning, Heating, and Refrigeration Institute
Alliance of Automobile Manufacturers
American Chemistry Council
American Petroleum Institute
American Soybean Association
American Supply Association
Association of Equipment Manufacturers
Association of Global Automakers
Can Manufacturers Institute
Grocery Manufacturers Association
Industrial Fasteners Institute
Midwest Food Processors Association
Motor & Equipment Manufacturers Association
National Council of Farmer Cooperatives
National Electrical Manufacturers Association
National Foreign Trade Council
National Pork Producers Council
National Tooling and Machining Association
Outdoor Power Equipment Institute, Inc.
Pet Food Institute
Precision Machined Products Association
Precision Metalforming Association
Shelf-Stable Food Processors Association
Truck & Engine Manufacturers Association
U.S. Wheat Associates

Cc.
The Honorable Robert Lighthizer, United States Trade Representative
The Honorable Wilbur Ross, The Secretary of the Department of Commerce of the United States
The Honorable Gary Cohn, Director of the National Economic Council

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About the NFTC

Serving America’s Global Businesses Since 1914– The National Foreign Trade Council (www.nftc.org) is a leading business organization advocating an open, rules- based global trading system. Founded in 1914 by a broad-based group of American companies, the NFTC now serves hundreds of member companies through its offices in Washington and New York.
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NFTC Statement on Section 232 Reports on Steel and Aluminum

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Washington D.C. – National Foreign Trade Council (NFTC) President Rufus Yerxa released the following statement today following the release by the Commerce Department of the Section 232 Reports on Steel and Aluminum.

“The NFTC is gravely concerned with the Commerce Department’s recommendations to the President to implement sweeping tariffs and quotas on imports of steel and aluminum in the name of national security. We urge the President to reject these recommendations and work with Congress and the entire business community—not just these two industries – to determine how best to address legitimate concerns relating to overcapacity or unfair trade in these sectors.

“There is no doubt that imposing trade restrictions of such magnitude will cause more harm than good to our economy, raising costs to downstream industries that use steel and aluminum, as well as to the ultimate consumers. These sectors are far greater than steel and aluminum in terms of manufacturing output, jobs and exports. This action ignores their interests. Moreover, using “national security” as a pretense to impose broad import protection for entire sectors of our economy is clearly inconsistent with our international obligations. If allowed to stand, it would open the door for other countries to use similar measures against our competitive exports.

“While there are legitimate concerns regarding the adverse effects of global overcapacity or unfair trade, there are other ways to address these problems, including through international negotiations and existing trade remedies designed for that purpose. The actions proposed today are the wrong way to go about it, and will end up hurting our workers, producers and consumers.”

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About the NFTC

Serving America’s Global Businesses Since 1914– The National Foreign Trade Council (www.nftc.org) is a leading business organization advocating an open, rules- based global trading system. Founded in 1914 by a broad-based group of American companies, the NFTC now serves hundreds of member companies through its offices in Washington and New York.
Follow us on: