Steel Tariff Worst Possible Reaction
The US decision to levy a tariff of 30 per cent on its steel imports should come as no surprise, says the Employers & Manufacturers Association (Northern)
"This is the worst kind of response to steel surpluses internationally," said Bruce Goldsworthy, EMA's Director of Manufacturing Services.
"This latest, typical example of US protectionism will have negative effect on steel markets the world over, including ours.
"New Zealand exports of iron and steel are worth over $300 million a year.
"The US has always shown it is willing to protect its own industries regardless of the impact on the rest of the world. It sings the praises of free trade but marches to the dirge of protectionism.
"This latest action demonstrates again how
vulnerable we are to global conditions, why we must urgently
lift our own rate of economic growth, and why we should not
place any hope in faint possibilities such as a free trade
agreement with the US." Ends