A welcome surge for U.S. steel, thanks to Section 232
A new study by the Economic Policy Institute, a think tank based in Washington, D.C., shows the positive impact that Section 232 measures have had on the U.S. steel industry. Section 232 was enacted in 2018 to address the risk that surges in the global steel supply pose to U.S. security. The study shows that since the 25% tariff was imposed on most foreign-made steel, demand for U.S. steel has gone up significantly. It’s good news for an industry hit hard by the pandemic, giving steelworkers even more reason to be optimistic as domestic steel rebounds.
Big numbers, big impact
Since being imposed, Section 232 measures have had a positive impact on the U.S. steel industry. They’ve helped create 3,200 new jobs for steelworkers, cut imports by 27%, and prompted investors to pump $15.7 billion into the steel industry. So far, Section 232 measures have had no impact on the prices of steel-consuming products, like automobiles, which is good news for U.S. steel makers and consumers. The tariffs also continue to create and protect American steelworkers’ jobs during a time when they need help more than ever. Learn more about the positive impacts Section 232 measures are having on our industry here.
Good news moving forward
As our industry continues to rebound after the pandemic forced many manufacturing facilities to slow or cease production, the new study on Section 232 reaffirms its positive impact on domestic steel. The policy changes made in 2018 continue to bolster demand for U.S. steel and protect jobs for American workers as the second quarter continues to unfold. Read the Economic Policy Institute’s full study on the Section 232 measures here