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7343049
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Press Release #220, Office of the Special Representative for Trade Negotiations: President Ford Determines Import Relief for Specialty Steel industry and Workers; Will Attempt to Negotiate International Trade Agreements [Notice to Press]
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7343049
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document
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Press Release #220, Office of the Special Representative for Trade Negotiations: President Ford Determines Import Relief for Specialty Steel industry and Workers; Will Attempt to Negotiate International Trade Agreements [Notice to Press]
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White House Press Releases (Ford Administration)
Press Releases
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7343049
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16
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1976-03-16
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3
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1976
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Digitized from Box 23 of the White House Press Releases at the Gerald R. Ford Presidential Library
FOR RELEASE 3:00 P.M.
PRESS RELEASE #220
TUESDAY, MARCH 16, 1976
OFFICE OF THE SPECIAL REPRESENTATIVE FOR TRADE NEGOTIATIONS
EXECUTIVE OFFICE OF THE PRESIDENT
WASHINGTON, D.C. 20506
PRESIDENT FORD DETERMINES IMPORT
RELIEF FOR SPECIALTY STEEL INDUSTRY AND WORKERS;
WILL ATTEMPT TO NEGOTIATE INTERNATIONAL TRADE AGREEMENTS
President Ford has determined to grant import relief to
the specialty steel industry, Ambassador Frederick B. Dent,
the President's Special Representative for Trade Negotiations
announced today. This is the first affirmative action taken
under the escape clause provisions of the Trade Act of 1974.
The United Steelworkers of America and the Tool and
Stainless Steel Industry Committee petitioned the U.S. Inter-
national Trade Commission (USITC) on July 16, 1975 for import
relief. On January 16, 1976 the USITC found that the industry
was seriously injured substantially due to increased imports.
During most of 1975, 25 percent or more of the industry's
30,000 person workforce were laid off and less than half of the
industry's production capacity was utilized, causing profits
to plummet. At the same time imports rose slightly in tonnage
terms and significantly increased their share of the U.S.
market.
The President has directed the Special Representative for
Trade Negotiations to attempt to negotiate orderly marketing
agreements with key supplying countries for specialty steel
products covared by the USITC's affirmative finding of injury.
It is intended that these agreements limit imports over a three
year period, while the domestic specialty steel industry re-
covers from the high unemployment and depressed operating levels
of 1975. Should orderly marketing agreements not be negotiated
successfully the President will proclaim import quotas for a
period of three years to take effect no later than June 11, 1976.
Such quotas would be set at overall levels comparable to those
recommended by the USITC.
This should be sufficient for the industry to recover a
healthy employment and profit position. Relief will be refused
or discontinued when the President determines, with the advice
of the USITC and the Secretaries of Commerce and Labor, that
this recovery is taking place.
- 2 -
International consultations have been requested by the
United States in the OECD to discuss the problems of our
specialty steel industry and the proposed U.S. actions. The
United States has notified the specialty steel case under the
General Agreement on Tariffs and Trade (GATT), and it is
expected that consultations will take place under the provisions
of the GATT. Bilateral discussions with key supplying countries
are being initiated.
In recognition of the special problems of the specialty
and carbon steel industry, the President has directed the
Special Representative for Trade Negotiations, in the Multi-
lateral Trade Negotiations, to negotiate on a sectoral basis
solutions to the problems of cyclical distortions in steel
trade, while liberalizing the conditions of this trade.
Finally, the President has directed the Secretary of
Labor to expedite processing of trade adjustment assistance
petitions, to assist the large number of unemployed specialty
steel workers. About 3400 of 8500 workers laid off are already
eligible for such assistance.
The decision not to implement at this time the USITC's
proposed remedy of quotas for the next five years is based on
several considerations. This remedy is too inflexible in
view of the rapid expansions and contractions of the specialty
steel market and is not well suited to the needs of the industry
during recovery from a recession period. The United States
Government also desires to avoid unilateral restrictive action
by trying to resolve specialty steel import problems through
agreements with the other major nation; involved. In this
manner, the disruption to trade can be reduced and the special
concerns of other nations can be taken into account, while the
injury to the domestic industry is remedied.