Emsworth
Junior Chimp
Posts: 9,054
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« on: November 12, 2005, 01:16:39 PM » |
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The American steel industry peaked in the 1960s, but began declining in the 1970s due to foreign competition. It has never been able to fully recover, mainly because labor is cheaper overseas. During his first term President Bush imposed steel tariffs, but he was forced to have them repealed in 2003.
The tariffs were definitely a bad idea. It is true, they helped steel producing industries. However, because steel prices were higher as a result, steel consuming industries were harmed.
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