Trade Cases
July 13, 2017
Economists Advise Against Section 232
Written by Tim Triplett
A group of the nation’s most distinguished economists and former presidential economic advisors, including Ben Bernanke and Alan Greenspan, has sent President Trump a letter urging him not to pursue further tariffs on steel imports under Section 232.
As the July 12 letter notes, the United States already has over 150 countervailing and antidumping duties on steel imports, including some as high as 266 percent. “Additional steel tariffs would actually damage the U.S. economy. Tariffs would raise costs for manufacturers, reduce employment in manufacturing, and increase prices for consumers. We urge you to avoid a policy that would likely incur greater economic and diplomatic costs than any conceivable national security gain,” its states.
